October is coming to a close, and the holidays are steadily approaching. A characteristic that those of us in the housing market can get used to.
According to the National Association of Realtors' (NAR) Existing Home Sales Report "existing-home sales bounced back in September to their highest annual pace of the year." This meaning, completed transactions of single-family homes, townhomes, condominiums and co-ops increased a staggering 2.4 percent in September over August.
Lawrence Yun, NAR Chief Economist accredits this gain to more consistent and affordable interest rates. For sellers experiencing a steady rise in sale price; it's not only healthy for our mental ROI reports, but also for the housing market in general. If you didn't catch July's Housing Data Reports, the housing market is showing a steady increase in "Median Sale Price" which is carrying over to the fall.
Be prepared for these numbers (and the temperature) to dip slightly in the coming months for the winter season, but it is great to see the housing market making both consistent and healthy growth.