Not much to get excited about here.

Sales are far below that of prior recoveries, and lower prices is a sign the ‘long cycle’ is over:

Existing Home Sales

Existing home sales rose a solid 2.4 percent in September to a higher-than-expected annual rate of 5.17 million. Year-on-year, however, sales remain flat at minus 1.7 percent. Condo sales were the strongest in the month, up 5.2 percent to a 0.610 million rate though sales of single-family homes rose a solid 2.0 percent to a 4.56 million rate. Year-on-year, condo sales show no change with single-family homes at minus 1.9 percent.

The strength in sales moved supply off the market, to a total of 2.30 million homes and condos on the market vs 2.31 million in the prior week. Supply relative to sales fell to 5.3 months vs 5.5 months in August.

Home prices have been falling, which of course are a plus for sales, and are down 4.0 percent on the month to a median $209,700. Year-on-year, the median price is up 5.6 percent.