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U.S. REAL ESTATE OVERVIEW
Note: October 2018 data below are the most recent released by the National Association of Realtors.
Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month.
Total existing-home sales (transactions including single-family homes, townhomes, condominiums and co-ops) increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).
NAR's chief economist, Lawrence Yun says increasing housing inventory has brought more buyers to the market. “After six consecutive months of decline, buyers are finally stepping back into the housing market,” he said. “Gains in the Northeast, South and West – a reversal from last month’s steep decline or plateau in all regions – helped overall sales activity rise for the first time since March 2018.”
The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains.
Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago.
Properties typically stayed on the market for 33 days in October, up from 32 days in September but down from 34 days a year ago. Forty-six percent of homes sold in October were on the market for less than a month.
Per Freddie Mac data, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased to 4.83 percent in October from 4.63 percent in September. The average commitment rate for all of 2017 was 3.99 percent.
First-time buyers were responsible for 31 percent of sales in October, down from last month and a year ago (32 percent).
THE BEST HOMES SELL FAST
Smart sellers understand that a proactive selling strategy can go a long way in getting their home sold quickly, and for top dollar. Here are three tips for today’s sellers:
Whether you're looking to sell today or are thinking of selling tomorrow, please feel free to call and ask for an analysis of our recent market activity. We would be more than happy answer any questions you might have.
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