HOUSING HIERARCHY

Existing home sales in September were down 2.2% Y-o-Y, but that masks large performance differences across prices. Sales of homes under $100,000 fell a substantial 8.4%. Homes that sold between $100,000 and $250,000 declined 7.2%, homes $250,000-$500,000 fell 2.9%, and homes that sold between $500,000 and $750,000 declined just 1%. Between $750,000 and $1 million, sales slid a minuscule 0.6%, and prices rose 4.1% for homes over $1 million.