Existing Home Sales Hit High For The Year

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Sales of previously owned homes rose 2.4 percent in September, according to the National Association of Realtors. Sales – which include single-family homes, townhomes, condominiums, and co-ops – are now just 1.7 percent below last year’s level and at their highest pace yet this year. Lawrence Yun, NAR’s chief economist, said low mortgage rates and stabilizing prices led to the increase. Yun also said, because there are fewer investors searching for houses to buy, traditional home buyers are finding a less competitive market. But though this is a good time for buyers, falling inventory through the winter will likely affect the number of available choices. In fact, the total number of homes for sale at the end of September was down 1.3 percent from the month before, though it is still 6 percent higher than last year. Also in the report, the median price of previously owned homes sold in September was $209,700. Regionally, sales were up in the Northeast, West, and South and down in the Midwest. More here.

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