Existing-home sales in October rose to the strongest pace since earlier this summer, the National Association of REALTORS\u00ae reported Tuesday.<\/p>\n
Total existing-home sales\u2014which comprise completed transactions of single-family homes, townhomes, condos, and co-ops\u2014rose 2 percent month over month to a seasonally adjusted annual rate of 5.48 million. Sales are now at the strongest pace since June\u2019s 5.51 million.<\/p>\n
However, sales remain 0.9 percent below a year ago, NAR reports. Continual supply shortages have led to fewer closings on an annual basis for the second consecutive month.<\/p>\n
\u201cJob growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cWhile the housing<\/a> market gained a little more momentum last month, sales are still below year-ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.\u201d<\/p>\n Lower sales are still evident in parts of Texas and Florida from Hurricanes Harvey and Irma, Yun notes. He predicts that sales will rebound to their pre-storm levels by the end of the year \u201cas demand for buying in these areas was very strong before the storms.\u201d<\/p>\n October Snapshot<\/strong><\/p>\n Here\u2019s a closer look at existing-home sales in October, according to NAR\u2019s report:<\/p>\n \u201cListings\u2014especially those in the affordable price range\u2014continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying,\u201d Yun says. \u201cWith the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.\u201d\u00a0<\/p>\n Source: National Association of REALTORS\u00ae<\/em><\/p>\n<\/div>\n<\/div>\n Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"\n
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