Industry NewsMarkets & Economy

Home sales dip, but tight inventories provide price support

NAR: Median home price posts annual gain for 7th month in a row

Sales of existing homes slipped from August to September but were still up strongly from a year ago -- a sign that the national housing market is finding solid ground, the National Association of Realtors said today.At a seasonally adjusted annual rate of 4.75 million, sales of single-family homes, townhomes, condos and co-ops were down 1.7 percent from August to September, but up 11 percent from a year ago.September sales of existing homes were up 11 percent from last September with a seasonally adjusted annual rate of 4.75 million, which represents a slight dip of 1.7 percent from August's upwardly revised rate of 4.83 million. The 2.32 million homes on the market at the end of September represented a 5.9-month supply, down from 8.1 months a year ago. Many analysts view a six-month supply of housing as an even balance between buyer and seller demand. Thanks to tight inventories, the national median home price was up 11.3 percent ...