Existing home sales for September have edged slightly lower and were already declining before the hurricanes impacted southern states
Existing home sales for September have edged slightly lower and were already declining before the hurricanes impacted southern states.
The NowCast from online real estate platform Ten-X reveals that September sales on a seasonally-adjusted annual rate will be between 5.19 and 5.54 million, with a target of 5.33 million, down 0.4% from August sales reported by NAR.
"Existing home sales appeared to be slowing down even before the devastation caused by Hurricanes Harvey and Irma." said Ten-X Executive Vice President Rick Sharga. "The housing market is likely to suffer over the next few months as the economic disruption caused by the hurricanes exacerbates the dual problems of low inventory and escalating home prices."
The NowCast predicted a slowdown in sales nationwide in August, which were confirmed by NAR as 5.35 million (SAAR) down 1.7% from July.
It also forecast a rise in existing home prices, which NAR said increased 5.6% year-over-year to $235,500.
"US home sales are struggling to progress amid historically tight inventory levels," said Ten-X Chief Economist Peter Muoio. "While the inventory shortage is a boost for existing home owners, intensifying competition among buyers creates affordability concerns. The recent hurricanes and other economic factors like student debt and slowing wage growth will likely have an impact on housing sales as we move into what is traditionally a slow quarter for the housing market."
The NowCast from online real estate platform Ten-X reveals that September sales on a seasonally-adjusted annual rate will be between 5.19 and 5.54 million, with a target of 5.33 million, down 0.4% from August sales reported by NAR.
"Existing home sales appeared to be slowing down even before the devastation caused by Hurricanes Harvey and Irma." said Ten-X Executive Vice President Rick Sharga. "The housing market is likely to suffer over the next few months as the economic disruption caused by the hurricanes exacerbates the dual problems of low inventory and escalating home prices."
The NowCast predicted a slowdown in sales nationwide in August, which were confirmed by NAR as 5.35 million (SAAR) down 1.7% from July.
It also forecast a rise in existing home prices, which NAR said increased 5.6% year-over-year to $235,500.
"US home sales are struggling to progress amid historically tight inventory levels," said Ten-X Chief Economist Peter Muoio. "While the inventory shortage is a boost for existing home owners, intensifying competition among buyers creates affordability concerns. The recent hurricanes and other economic factors like student debt and slowing wage growth will likely have an impact on housing sales as we move into what is traditionally a slow quarter for the housing market."
