October 2015 Home Sales Part 1

Are you thinking of buying a home in Raleigh NC soon? If so, you've picked a great time. Our agents are here to talk with you about how well the market is doing and what you might expect in the future! Over the next couple of articles, you'll find some helpful information.

Buying a Home in Raleigh NC? Consider This Info!

 

Home sales are at an all-time high, despite a slight drop in October 2015. What caused this small decrease?

September 2015 home sales were amazing. A much larger jump in sales was seen in that month than any other this year. Even though there was a slight drop, according to realtor.org, sales are still 3.9 percent above a year ago.

This is great news for those considering buying a home in Raleigh NC! Below, you'll find more information from the news reports.

October 2015 Home Sales | Buying a Home in Raleigh NC

  • Total housing inventory at the end of October decreased 2.3 percent to 2.14 million existing homes available for sale, and is now 4.5 percent lower than a year ago (2.24 million). Unsold inventory is at a 4.8-month supply at the current sales pace, up from 4.7 months in September.
  • The percent share of first-time buyers increased to 31 percent in October, up from 29 percent both in September and a year ago.
  • NAR's annual Profile of Home Buyers and Sellers revealed that the annual share of first-time buyers fell to its second-lowest level since the survey began in 1981.
  • According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage stayed below 4 percent for the third consecutive month, declining in October to 3.80 from 3.89 percent in September.
  • A year ago the average commitment rate was 4.04 percent.
  • All-cash sales were 24 percent of transactions and are down from 27 percent a year ago.
  • Individual investors purchased 13 percent of homes in cash in October. This is unchanged from September but down from 15 percent a year ago.
  • Sixty-two percent of investors paid cash in October.

More Information

  • Single-family home sales fell 3.7 percent to a seasonally adjusted annual rate of 4.75 million in October from 4.93 million in September, but are still 4.6 percent above the 4.54 million pace a year ago.
  • The median existing single-family home price was $221,200 in October, up 6.3 percent from October 2014.
  • October existing-home sales in the Northeast were at an annual rate of 760,000, unchanged from September and 8.6 percent above a year ago.
  • The median price in the Northeast was $248,900, which is 1.3 percent above October 2014.
  • In the Midwest, existing-home sales declined 0.8 percent to an annual rate of 1.30 million in October, but are 8.3 percent above October 2014.
  • The median price in the Midwest was $172,300, up 5.7 percent from a year ago.
  • Existing-home sales in the West fell 8.7 percent to an annual rate of 1.16 million in October, but are still 2.7 percent above a year ago.
  • The median price in the West was $319,000, which is 8.0 percent above October 2014.
  • 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.
  • Existing condominium and co-op sales declined 1.6 percent to a seasonally adjusted annual rate of 610,000 units in October from 620,000 in September, and are now down 1.6 percent from October 2014 (620,000 units).
  • The median existing condo price was $207,100 in October, which is 1.6 percent above a year ago.

With interest rates still below four percent, a steady gain in jobs and an overall better economy, it's no wonder the housing market is doing so well! If you're interested in buying a home in Raleigh NC this year or next, please contact our agents! We are standing by to help you find the home of your dreams!

Be sure to visit other blogs in this series, below:

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