New numbers from the National Association of Realtors show sales of previously owned homes increased in October from the month before. The nearly 2 percent improvement pushed sales 4.6 percent higher than they were last year at the same time. Lawrence Yun, NAR’s chief economist, said favorable conditions are likely to keep buyers coming out as long as there are enough homes to buy. “Historically-low interest rates, continuing job expansion, higher weekly earnings, and low mortgage rates are undoubtedly contributing to these higher numbers,” Yun said. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.” And, although the number of homes available for sale has been declining recently, news of rising new-home construction offers hope that inventory levels will begin to see gains again in the coming months. Regionally, the South saw the biggest bump in sales, with a 4.4 percent increase. The Midwest also saw gains, while the Northeast and West saw slight declines. More here.
