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December 2016 News
Existing Homes Sales Report
According to the National Association of Realtors®, sales of existing homes in October rose for a second consecutive month, overtaking June's sales peak to become the swiftest annualized pace in almost ten years. Each major region saw monthly and annual sales growth in October.
Total existing-home sales (for single-family homes, townhomes, condos and co-ops), increased 2% to a seasonally adjusted annual rate of 5.60 million in October from 5.49 million in September. October's sales velocity is 5.9 percent higher than one year ago (5.29 million), eclipsing June's pace (5.57 million) to become the highest since February 2007 (5.79 million).
NAR's chief economist, Lawrence Yun, indicated that the flurry of sales activity in the last two months represents a marked uptick for the housing market. "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," Yun said. The economist added, "Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes."
Housing Data Takeaways
Ready for Winter?
Winter is one of our favorite times of the year! It's often easy to overlook your home's needs with so many activities happening. Here is a simple checklist of items that can save you money through the winter:
Whether you live in a warm or cold climate, take this opportunity to inspect your home systems. You'll be money ahead in the long run!
Investing in Real Estate
Today's low interest rates and stabilized home prices have created some great investment opportunities!
Investing in real estate has unique advantages over other types of investments. Of course, wise investors may have various instruments in their portfolio, but real estate has a long-term track record of proving its worth.
Here are some of real estate investing's advantages:
Many investors are taking advantage of these great market conditions. Have questions? Give us a call. We are happy to help!