U.S. home resales post unexpected rise in September

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The median number of days that homes were on the market in September was 34, compared to 39 days a year ago.

Economists had forecast an increase to a 5.30m clip.

"Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country", said NAR chief economist Lawrence Yun. "Given the positive market factors including a healthy economy and stable mortgage rates, we believe sales would have pushed higher had more homes been available to buyers".

The National Association of Realtors (NAR) recently released its Existing Home Sales report-discovering that despite three straight months of home sales declining, September sales showed a small incline.

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The report said existing home sales in the West surged up by 3.3%, and existing home sales in the Midwest jumped by 1.6%.

Cerberus SFR Holdings purchased 20 properties in September, up from no purchases in the previous month and a year ago. That's a 5 percent increase over the median price during the third quarter of 2016. Florida's sales were still down 22 percent compared to this time past year.

Total housing inventory rose 1.6% to 1.90 million existing homes available for sale at the end of September but still remains 6.4% lower year-over-year.

Pending sales increased 2.3 percent to reach 36,687 in the 2017 third quarter compared to the 2016 third quarter total of 35,870. While housing inventory grew from a 3.9-month supply to 4.1 months year-over-year, it was down compared to the 4.4-month supply immediately preceding Harvey's arrival.

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Unsold inventory is at a 4.2-month supply at the current sales pace, which is down from 4.5 months a year ago.

Editor's Note: All data is compiled from multiple listing services in the state of NY and the data include townhomes, condominiums and existing single-family homes. Total active listings, or the total number of available properties in the marketplace, rose 7.4 percent from September 2016 to 40,848.

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