Low mortgage rates and a strengthening economy has propelled our housing market. In October, existing-home sales increased by 1.9%. This include all completed transactions from single-family homes, townhomes, condominiums, and co-ops.
Lawrence Yung, National Association of Realtors Chief Economist says that “we will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory”.
The median price for an existing home is 6.2% more than it was just a year ago. It sits at $270,900. In contrast, there are 4.3% less homes available for sale than a year ago. This correlates with the older generation staying in their homes longer. Properties are still staying on the market for an average of 36 days. And 19% of transactions done in October were all-cash. That’s down from 23% just a year ago.
Mortgage rates are helping would-be homeowners. The average rate on a 30-year is 3.69%, still historically low. This is wonderful for first-time homebuyers because they are able to get more for their money.
As we get closer to the new year, the economy remains strong and there is opportunity for people. Talk to us today about your options and how to create lasting wealth through real estate.
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