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Existing Home Sales Report
Existing–home sales came back strongly in September following a decline in August and have now risen year–over–year for 12 months in a row, according to the National Association of Realtors® (NAR). All four major regions saw sales gains in September.
Total sales of existing homes (transactions for single–family homes, townhomes, condominiums and co–ops) grew 4.7 percent to a seasonally adjusted annual rate of 5.55 million in September from a slightly downwardly revised 5.30 million in August, and are now 8.8 percent above a year ago (5.10 million).
NAR's chief economist, Lawrence Yun, believes a slight moderation in home prices in some markets and mortgage rates staying below 4 percent gave more households the confidence to close on a home last month. According to Yun, "September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007 (5.79 million)." NAR's economist added, "While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace."
Key takeaways from NAR's data
The Best Mortgage
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage - whether it's a home purchase, a refinancing, or a home equity loan - is a product, just like a car, so the price and terms may be negotiable. You'll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
The US Department of Housing and Urban Development offers a free brochure to help guide you through this process. Download a free copy today, and please contact us for a list of preferred mortgage professionals in our area.
Get Your Home Ready to Sell
When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:
These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!