National housing market remained strong in September

By: Garrett Andrews//October 26, 2015//

National housing market remained strong in September

Garrett Andrews//October 26, 2015//

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Existing home sales in the U.S. rose 4.7 percent between August and September, according to the National Association of Realtors. That adjusts to a seasonal rate of 5.55 million sales of single-family homes, townhomes, condominium and co-ops.

The median home price dropped from $228,700 to $221,900, but was still 6.1 percent up from last year. Housing inventory fell 2.6 percent to 2.21 million; the supply fell to 4.8 months, from 5.1 months in August.

Construction statistics were also released by the U.S. Census Bureau and the Department of Housing and Urban Development last week.

Housing starts rose 6.5 percent above August, to an annualized rate of 1,206,000, or 17.5 percent above last year. But building permits were down 5 percent, signaling that a slowdown in residential construction might be imminent.

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