US HOME SALES GROWTH October 2009

US home sales growth accelerated in October 2009, according to the data released today by the National Association of Realtors (NAR).

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In particular, the seasonally adjusted annual rate of home sales in the US (including single-family homes, townhomes, condominiums and co-ops) broke above the 6 million mark in October 2009 to reach 6.1 million units, representing a monthly increase of 10.1%, which reflects an acceleration of the sales growth rate compared to the 8.8% increase in home sales in September.

US home sales growth was even greater on a year-over-year basis as the not seasonally-adjusted volume of monthly sales climbed to 499,000 units, representing a 20.8% increase compared to the 413,000 units that were sold in October 2009.

The strong home sales growth trends were widespread across all regions in October 2009 with the exception of the West. The Midwest registered the best performance as seasonally adjusted home sales increased by 14.4%, followed by the South where seasonally adjusted home sales increased by 12.7%. The Northeast housing market posted also strong sales activity as seasonally adjusted home sales increased by 11.6%. Home sales in the West posted a monthly increase of only 1.6%.

All regions posted strong yearly home sales growth trends, as home sales were up by more than 20% in all regions with the exception of the West where the not seasonally adjusted monthly sales posted a year-over-year increase of 10%. In the Midwest, Northeast and South though, home sales posted year-over-year increases of 26.1%, 24.6% and 23.1%, respectively.

See the monthly changes in the last 12 months in seasonally adjusted US home sales in the graph below.

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