The Home Buyer's Korner

Information presented should be used for educational purposes only.

November 20th, 2014

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Existing Home Sales for October

Homes SalesExisting homes sales jumped to 5.26 million units, its highest level in more than a year in October, which was the first time we’ve seen a year-over-year increase the year. Sales rose 2.5 percent compared to a year ago. The National Association of Realtors (NAR) today reported the Existing Home Sales rose in October 1.5 percent, the highest rate since September 2013. The report couple with both the HMI Index and New Home Starts shows further evidence the housing market is in recovery mode.

Housing Analyst polled by Reuters had forecast sales falling to a 5.16 million-unit pace, from an upwardly revised rate of 5.18 million units in September.

The median sales price of used homes hit $208,300 in October, up 5.5% from the year-earlier period. October’s inventory was 2.22 million existing homes for sale, a 5.1-month supply at the current sales pace. The number of homes available for sale was up 5.2% from the year-earlier period.

Housing is slowly gaining its footing on the path to recovery, after stalling in the second half of 2013 following a run-up in mortgage rates. While sluggish wage growth continues to be housing’s nemesis, recent decline in mortgage rates should help support sales.

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