clear
Friday November 24th, 2017 8:40PM

US home sales ticked up in September as Houston recovers

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. home sales rose slightly last month as the Houston housing market quickly recovered from Hurricane Harvey. Still, a shortage of available homes is thwarting many would-be buyers and limiting sales.

The National Association of Realtors said Friday existing home sales increased 0.7 percent to a seasonally adjusted annual rate of 5.39 million. That's the first increase after three months of declines.

Yet sales have fallen 1.5 percent from a year ago, the first year-over-year decline since July 2016. That's because so few homes are for sale, particularly at lower prices. Buyers have bid up prices: The median home price rose to $245,100, up 4.2 percent from a year ago. That's faster than wage gains.

And sales are likely to remain sluggish in the coming months, the Realtors said. Construction workers — and building materials such as lumber — are being diverted to repair and rebuilding work in the aftermath of the storms and the wildfires on California. That should slow new home building and limit the number of homes for sale.

The number of homes for sale sank 6.4 percent from 12 months ago to 1.9 million homes, the fewest in any September since the Realtors began tracking the number in 2001.

In Houston, sales rose 4 percent from a year ago after plunging 25 percent in August. Lawrence Yun, chief economist for the Realtors' group, said some of that gain may reflect investors purchasing damaged properties.

In Florida, Hurricane Irma sharply lowered sales last month, which were 22 percent lower than a year ago, the Realtors said.

Sales fell more than 15 percent from a year earlier in Miami, Fort Lauderdale, Jacksonville, Orlando and Tampa, according to real estate brokerage Redfin. Sales in Miami plunged 38.4 percent.

"The housing market is running on fumes due to low inventory," said Redfin chief economist Nela Richardson. "The inventory shortage is most severe for affordable homes. There has not been an increase in homes priced under $260,000 in two years."

  • Associated Categories: Local/State News, Associated Press (AP), AP Business, AP Business - Economy
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Russia hands over fighter jets to Serbia
Russia has formally handed over six MiG-29 fighter jets to Serbia, part of an arms delivery that could worsen tensions in the war-weary Balkans
10:18AM ( 18 minutes ago )
UNICEF: Rohingya children refugees face 'hell on earth'
UNICEF says children who are most of the nearly 600,000 Rohingya who have fled violence in Myanmar sense a "hell on earth" in overcrowded, muddy and squalid refugee camps
10:17AM ( 18 minutes ago )
The Latest: TV Academy may expel Harvey Weinstein
Television Academy begins disciplinary proceedings against Harvey Weinstein
10:11AM ( 24 minutes ago )
Associated Press (AP)
US home sales ticked up in September as Houston recovers
US home sales rose 0.7 percent in September, as Houston market quickly recovers
10:03AM ( 32 minutes ago )
Power to the people: 2 Italy regions to hold autonomy votes
It is greater autonomy __ not independence __ that two of Italy's wealthiest regions are seeking in a pair of non-binding referendums next weekend, yet Catalonia's secessionist ambitions loom over the debate
9:58AM ( 37 minutes ago )
EU leaders struggle to break through Brexit talks impasse
Leaders of Britain and the 27 other European Union members agreed Friday that much remains to be done in Brexit talks amid deep divisions about the terms of their breakup, particularly on how much London should pay in the divorce
9:40AM ( 55 minutes ago )
AP Business
Global stocks get modest boost from US tax hopes
World stock markets pushed higher Friday after the passing of a budget resolution in the U.S. Senate stoked hopes that President Donald Trump's tax reform package will be enacted.
8:29AM ( 2 hours ago )
The Latest: Macron says Brexit talks still need much work
French President Emmanuel Macron says that despite the positive signals coming out of the European Union summit on the Brexit negotiations there is still "lots of progress to make" if they want to start talks on trade
8:13AM ( 2 hours ago )
Senate GOP backs budget, clears way for tax overhaul
Republicans must shift their focus to enacting President Donald Trump's sweeping tax plan, a far heavier lift than the $4 trillion budget plan they've muscled through the Senate to lay the groundwork for the first tax overhaul in three decades
6:26AM ( 4 hours ago )
AP Business - Economy
Russia hands over fighter jets to Serbia
Russia has formally handed over six MiG-29 fighter jets to Serbia, part of an arms delivery that could worsen tensions in the war-weary Balkans
10:18AM ( 18 minutes ago )
The Latest: TV Academy may expel Harvey Weinstein
Television Academy begins disciplinary proceedings against Harvey Weinstein
10:11AM ( 24 minutes ago )
Trump pledges biggest tax cuts ever as Senate paves way
President Donald Trump is promising tax cuts the 'biggest in the history of our country' following Senate passage of a $4 trillion budget plan
10:11AM ( 25 minutes ago )
US-backed Syrian force declares victory over IS in Raqqa
US-backed Syrian force declares victory over IS in northern city of Raqqa, days after pushing militants out
10:09AM ( 27 minutes ago )
TV Academy votes to consider expelling Harvey Weinstein
The Television Academy says it has voted to begin disciplinary proceedings against disgraced film mogul Harvey Weinstein
10:07AM ( 29 minutes ago )