October existing home sales, according to the new report from the National Association of Realtors, increased 2% to a seasonally adjusted annual rate of 5.6 million which is up from 5.49 million, in September.
October’s sales are up 5.9% from 2015’s 5.29 million and passed June’s peak to hit the highest pace since February 2007.
Existing home sales market does not let up, and despite tight inventory and mortgage rates that are creeping up, continues to take new ground.
The demand for homes shows little signs of abating, and may extend this streak as the Millennials begin to dip their toes into this market.
Even Zillow points to the fact that existing home prices are now the highest on record.
According to National Association of Realtors’ Chief Economist Lawrence Yun, “The good news is that the tightening labor market is beginning to push up wages and the economy has lately shown signs of greater expansion. These two factors and low mortgage rates have kept buyer interest at an elevated level so far this fall.”
Home prices increased 6% annually in October to $232,200, up from $219,100 last year, marking the 56th consecutive month of annual gains.
In addition, housing inventory declined 0.5% from last month to 2.02 million existing homes available for sale, which is 4.3% below 2015’s 2.11 million. This puts total inventory at a 4.3 month supply.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
