Existing Home Sales Increase! | North Raleigh Real Estate
Existing–home sales rebounded strongly in September following August's decline and have now increased year–over–year for 12 consecutive months, according to the National Association of Realtors. All four major regions experienced sales gains in September. Below, you’ll find other facts about home sales for September 2015, according to realtor.org:
- Total existing–home sales which are completed transactions that include single–family homes, townhomes, condominiums and co–ops, increased 4.7 percent to a seasonally adjusted annual rate of 5.55 million in September from a slightly downwardly revised 5.30 million in August, and are now 8.8 percent above a year ago (5.10 million).
- A slight moderation in home prices in some markets and mortgage rates remaining below 4 percent gave more households the confidence to close on a home last month.
- September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007 (5.79 million).
- Current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace.
- The median existing–home price for all housing types in September was $221,900, which is 6.1 percent above September 2014 ($209,100).
- September's price increase marks the 43rd consecutive month of year–over–year gains.
- Total housing inventory for available existing homes at the end of September decreased from 2.6 percent to 2.21 million
- Available existing homes are 3.1 percent lower than a year ago (2.28 million).
- Unsold inventory is at a 4.8–month supply at the current sales pace, down from 5.1 months in August.
- First–time buyers fell to 29 percent of sales in September. They climbed in August to 32 percent.
- Only 29 percent of buyers were first timers a year ago.
Are you as excited as we are to see the housing market continue to increase in sales?! These numbers are the highest they've been since 2007. North Raleigh real estate is getting better by the month it seems. For more information regarding September 2015 home sales, visit back with our blog, soon.
With the lower interest rates, less cash paying competitors and increased sales, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search, as well as sell current homes, now's a great time to contact our North Raleigh real estate agent!
Roark Premier Team | North Raleigh Real Estate
Also, if you’re considering selling your home soon, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market. We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived. So what are you waiting for? Call now! Our North Raleigh real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!
To learn more about September 2015 home sales, be sure to visit with other blogs in this series, below: