Homes Sales Slip for Second Straight Month: Real Estate Market Expected to Endure despite Recent Dip

By Burn, Timothy | The Washington Times (Washington, DC), October 27, 1998 | Go to article overview
Save to active project

Homes Sales Slip for Second Straight Month: Real Estate Market Expected to Endure despite Recent Dip


Burn, Timothy, The Washington Times (Washington, DC)


Sales of existing single-family homes dipped for the second straight month in September, but the residential real estate market will remain strong through the end of the year, an industry group said yesterday.

Home resales fell 1.1 percent in September to a seasonally adjusted annual rate of 4.68 million units, the lowest since last January's rate of 4.37 million, according to the National Association of Realtors.

Last month's drop followed a 3.7 percent drop from 4.91 million in July, the highest since the group began tracking sales in 1968.

At the same time, home resales in September were nearly 9 percent higher than last September, and the NAR predicts total sales for 1998 will hit a record 4.75 million, besting last year's record of 4.22 million.

"The market slowed down a bit, mostly because inventory is coming down, but basically this is a good report," said Fred Flick, NAR vice president of economic research.

Around the Washington area, the residential real estate market remains strong with existing home sales up 17.25 percent in September compared with the same month last year, according to local real estate analysts.

Home sales typically begin cooling off in the fall before picking up again the following spring.

Mr. Flick and other analysts predict that low interest rates, low unemployment and continued high consumer confidence will keep a record number of Americans in the mood to buy homes, despite signs that the overall U.S. economy may be slowing.

"Low mortgage rates combined with a robust economy has given consumers a healthy appetite for buying," said David Lereah, chief economist for the Mortgage Bankers Association.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Homes Sales Slip for Second Straight Month: Real Estate Market Expected to Endure despite Recent Dip
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?