Arik Kisln: Existing Home Sales Exceed Expectations In September

FOR IMMEDIATE RELEASE
new york city, New York, United States of America (Free-Press-Release.com) October 27, 2010 -- Seasonally adjusted sales rose to 4.53 million in September from a downwardly revised 4.12 million in August. The rate continues to move away from the 3.83 million reported in July, which was the lowest level recorded since 1999.

Existing sales still remain 19.1% below the 5.6 million for the year-ago September, when demand increased in advance of the initial deadline for the homebuyer tax credit last November.

Freddie Mac recently reported the average rate on a 30-year, fixed-rate mortgage climbed for the first time in more than a month to 4.21% for the week ended Oct. 21. For the previous week, the average rate on a 30-year fell to the lowest level since 1951. A year ago, the average was 5%.

"For all of September, the average rate for a 30-fixed mortgage fell to the lowest level since 1971 at 4.35%" said Arik Kislin, Principal at Linx Industries.

The median price for all housing types was $171,700 in September, down 2.4% from a year earlier.
Distressed sales accounted for 35% of sales last month, up slightly from 34% in August and 29% a year earlier.

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