From the National Association of Realtors:
For the second consecutive month, existing-home sales were on the rise in October, now above year-over-year levels for the first time in 12 months, according to the National Association of REALTORS®’ latest housing report.
Existing-home sales rose 1.5 percent to a seasonally adjusted annual rate of 5.26 million in October. Sales now are at their highest annual pace since September 2013.
“Buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory, and stabilizing price growth,” says Lawrence Yun, NAR’s chief economist. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
Read the entire article here.