As we come to the end of 2016, the consistency in home sales continues. The most recent Existing Home Sales Report released by the National Association of Realtors® showed monthly and annual increases.
Some highlights from the report statistics:
Total existing-home sales grew 2.0 percent to a seasonally adjusted annual rate of 5.60 million in October from an upwardly revised 5.49 million in September.
October’s sales pace is 5.9 percent above a year ago.
Lawrence Yun, NAR chief economist, states, “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply,” he said. “Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”
Yun continued, “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.”
“The ramp-up in housing starts in October is a hopeful sign that overall supply can steadily increase enough to provide more choices for buyers and also moderate price growth,” said Yun. “A prolonged continuation of the robust single-family starts pace seen last month (869,000) would go a long way in giving homeowners much-needed assurance that they can list their home for sale and find a new home to buy within a reasonable timeframe.”
What does this mean to you as a potential home seller or buyer?
For home buyers, the market is ripe with great options of the new home you seek. While a decreased inventory may require a little more diligence on your part, that effort can be supplemented by partnering with a local real estate professional and mortgage lender to give you the advantage when bidding on the home you select.
Home sellers can have the peace of mind that people are shopping in their area for a new home. Work with a realtor to see what little touches or updates your home may need to make it the best of show in your neighborhood.
Atlantic Home Loans, Inc. NMLS#15241 www.nmlsconsumeraccess.org 50 Route 46 West, Parsippany, NJ 07058 licensed or authorized Mortgage Lender/Banker by, and does not offer its loan services or products in any states other than, the following: CA Department of Business Oversight, CT Dept of Banking, DC Department of Insurance, Securities and Banking, DE Office of the State Bank Commissioner, FL Office of Financial Regulation, GA Dept of Banking & Finance, MD Commissioner and Financial Regulation, MA Division of Banks Lender/Broker MC#15241, NJ Dept of Banking and Insurance, Licensed Mortgage Banker—NYS Department of Financial Services, NC Commissioner of Banks Mortgage Lender, PA Dept of Banking, Rhode Island Licensed Lender/Broker, Virginia State Corporation Commission License MC-3001. Atlantic Home Loans is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.