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Residential Real Estate Sales Up Across Nation

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The total number of existing-home sales across the U.S. has shown increases, totaling at their highest level since the beginning of the summer this year for October. The total of existing-home sales – including single-family homes, townhomes, condominium homes and co-ops – increased by 2 percent to a seasonally adjusted annual rate of 5.48 million in October from 5.37 million in September of this year. After the October increase, sales are at their strongest level since June when they were at 5.51 million.

National Association of REALTORS® (NAR) Chief Economist Lawrence Yun said sales activity in October picked up for the second straight month, with increases in all four primary regions. “Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which in turn is giving households added assurance that now is a good time to buy a home,” Yun said. “The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms.” As seen by October reports from Naples Area Board of Realtors®, areas of Southwest Florida have already recovered nicely, reporting an increased number of closed sales for October.

The median existing-home price for all types of housing in October was $247,000, representing an increase of 5.5 percent from October 2016 when the median existing-home price was $234,100.

“Listings – especially those in the affordable price range – continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying,” said Yun. “With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter.”

First-time homebuyers represented 32 percent of sales in October, which shows an increase of 29 percent from September.

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Dennis Brando, PA, GRI, AHWD, Luxury Home Marketing Specialist
John R. Wood Properties
Direct: (239)777-2428

Dennis@DennisBrando.com