Existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, were at a healthy pace but failed to keep up with September‘s jump, according to the National Association of Realtors®. Mortgage rates remained below 4 percent for the third straight month, but all four major regions experienced no sales gains this month.
“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,” says NAR chief economist Lawrence Yun.
“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,” he said.
Existing–home sales in the South decreased 3.2 percent to an annual rate of 2.14 million in October, but are still 0.5 percent above October 2014. The median price in the South was $188,800, up 6.2 percent from a year ago.
You can read the full report, Existing-Home Sales Dial Back in October, on the NAR website, and watch Yun’s video report here:
Amy Garland is a member of the National Association of Realtors. For help with your Knoxville real estate needs contact her at (865) 257-0100 or by e-mail.