Monday, October 27, 2008

Existing Home Sales Scotia Report

Existing Home Sales

— The jump in September existing home sales — up 5.5% m/m — was a surprise. Excluding condos, the increase was even greater, coming in at 6.2%

m/m, the largest since early 2002. The glut of unsold, single-family homes decreased by 6.0%, lowering months supply to 9.4. Adding multi-unit dwellings, the month’s supply rises to 9.9, still high by historical standards.

Home values and prices continue to trend lower; both the median and average price of single family homes fell by over $10,000 last month.

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A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate

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