Existing home sales flash

Existing home sales figures for September just hit the tape. The quick and dirty analysis: Sales fell to 6.18 million units in September from 6.3 million units in August. That was a 1.9% decline, slightly more than the 1.2% drop forecast. The YOY drop is 14.2%.

Slight bit of good news in the inventory figures, which dipped to 3.2 million units from 3.285 million in August. But on a months supply at current sales rate basis, inventory was a very elevated 7.3 months, unchnaged from the past couple months. The price data was the most telling -- single family home median prices dropped 2.5% YOY while condo prices dropped 2.8%. These are nationwide figures, and they show a deeper decline from August's YOY fall.