The National Association of Realtors® (NAR) released recent figures showing existing home sales dropped back a bit in October after jumping almost 5 percent in September. Total existing home sales - which include single-family houses, townhouses, condominiums and co-operatives slipped by 3.4 percent from September - however, they are still unchanged at 3.9 percent above the level this time last year.
NAR’s chief economist Lawrence Yun said he expected home sales to slow down. He said, “New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets.”
Despite the lack of inventory for homes for sale and condos for sale, Mr Yun thinks there will be gains in sales. He added, “As long as solid job creation continues, a gradual easing of credit standards, even with moderately higher mortgage rates, should support steady demand and sales continuing to rise above a year ago.”
The report findings also found the percentage of first-time home buyers was up in October to 31 percent as compared to 29 percent in September. Sales with cash transactions were 24 percent of all sales, while foreclosures/short sales dropped 6 percent from the previous month.
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