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October 24, 2014

Sales of Existing Homes Reached Highest Pace This Year

Sales of Existing Homes Reached Highest Pace This Year

According to the National Association of Realtors, existing homes currently sell at their highest annual pace this year at 5.17 million. That’s an increase from August with 5.05 million. However, this is still below the home sales from last year.

Such sales comprised of single-family houses, townhouses, condominiums and co-ops. Law Yun, NAR Chief Economist claim that such increase in September can be because of “low interest rates and price gains holding steady.”

“Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter,” he added. Last month, the median home price was $209,700, which is 5.6 percent up from a year earlier.

Mortgage rates has also risen slightly last month, however, Yun believes that stock market volatility “is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now.”