October Spike in Existing Home Sales
More good news hit the wires this morning!
CNBC is reporting that existing home sales reached a record high in October, topping off at 10.1 percent, which amounts to an annual rate of 6.10 million units. Up from a 5.54 million-unit pace in September of this year, the National Association of Realtors reported this surge to be the highest since February 2007.Industry experts are attributing this jump in sales to buyers taking advantage of historically low mortgage rates and the home buyer tax credits.
Analysts were expecting to see a more modest increase in October sales, with a 5.70 million-unit pace up from the formerly reported 5.57 million-unit pace in September. The October sales increased by 23.5 percent compared to October 2008.
In October, all four regions of the U.S. saw an increase in sales. Single-family home sales rose 9.7 percent to an annual rate of 5.33 million units. Condominiums and co-op sales increased 13.2 percent, totaling an annual rate of 770,000 units.
The existing homes for sale inventory fell to 3.57 million units in October, a 3.7 percent decrease from September 2009. The National Association of Realtors reported that the sales pace for October represents a significantly low supply of 7.0 months, compared to September’s supply of 8.0 months.
Click here to view the CNBC article.
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