After making a slight decline in August, national existing-home sales rebounded in September. The National Association of Realtors (NAR) reported that September’s existing-home sales pace is the fastest it has been all year. On a seasonally adjusted rate, September existing-home sales rose 2.4% compared to August, but were 1.7% below the same time last year. In the West, existing-home sales were 7.1% greater in September than in August with a median price of $294,200.
Lawrence Yun, NAR Chief Economist, stated, “Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline. Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into winter.”
To see other existing-home statistics for September, such as inventory levels, distressed homes, and all-cash sales, visit http://bit.ly/1wayhOU.