Home sales are showing signs of improvement for the month of October, even with the devastation in the Northeast known as Hurricane Sandy.
Existing home sales climbed to an annual rate of 4.79 million, up 2.1% from the month of September when existing home sales were 4.69 million. On a year-over-year basis, there was an 11% increase up from 4.32 million.
Lawrence Yun, the National Association of Realtor’s chief economist, said “growing demand with limited inventory” is driving the market. The average home price has also been steadily climbing, up 0.9% in the month of August, according to the S&P/Case-Shiller home price index.
I expect these home prices to SLOWLY continue to increase, but the keyword is slow, depending on circumstances. My team has buyers, but we are witnessing firsthand a shortage of inventory, especially in the Portland Heights grid.
After the holidays, I believe more homes will go on the market because there will not be as many distractions, but until then, enjoy this time with your friends and family.