Did you see an uptick in existing home sales in your local market this October? According to NAR’s latest data, you probably did – last month saw the highest annualized pace of existing home sales in almost ten years. Topping June’s peak, regions from coast to coast saw an increase in October.
NAR’s chief economist Lawrence Yun calls it the “autumn revival.” As he says, “October’s strong sales gain was widespread throughout the country and can be attributed to the release of the unrealized pent-up demand that held back many would-be buyers over the summer because of tight supply. Buyers are having more success lately despite low inventory and prices that continue to swiftly rise above incomes.”
ERA brokers and agents foresaw this trend, as reported in a recent TeamERA survey. Looking ahead at fall 2016, nearly 75 percent of those surveyed expected an uptick in their local markets, due to the back to school mindset and increased consumer confidence.
Regionally, the Midwest and South saw the highest percentage increase at 2.8 percent and 2.3 percent respectively. Nationally, the pace is nearly six percent higher than October 2015.