The National Association of Realtors reported today that existing-home sales rebounded strongly in September following August’s decline and have now increased year–over–year for 12 consecutive months. All four major regions experienced sales gains in September.
“September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007 (5.79 million),” he said. “While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace,” said Lawrence Yun, NAR’s chief economist.
In additional housing news, Housing Wire is reporting that Mortgage rates continued to drop with the 30-year fixed-rate mortgage averaging 3.79% for the week ending Oct. 22. That is slightly down from last week when it averaged 3.82%. In 2014, the 30-year FRM averaged 3.92%.
