Good news from our friends at Waterstone Mortgage:
Americans bought previously owned homes at a much higher level than economists had forecasted.
Economists had forecasted that October Existing Home Sales would decline -2.20%.
But they actually improved by +1.3%. The National Association of Realtors reported that the annualized rate of sales is 4.97 million units which was also better than the forecasted 4.8 million units.
The September reading was revised upward as well.
Sales were up 13.5% from the same month a year earlier. Even though we have a soft economy, high unemployment, tight lending standards, and an uncertainty about the direction of prices.
The report showed the median sales price in October was $162,500, down 4.7% from $170,600 a year earlier.
The inventory of previously owned homes remained high but did slide down to 3.33 million units or a 8 month supply.
Sales rose 4.4% in the West, 2.1% in the South, and 2.8% in the Midwest but fell 5.1% in the Northeast.
So, to recap – Existing Home Sales gained 13.5% from this month last year and had a month-over-month gain of 1.3%. Also, inventories shrank.
This certainly shows that there is positive momentum in the housing sector.
For more information, call or email me. You can also contact:
Dave Grauwels
Branch Manager
Office: 608-662-9580
Cell: 608-358-5383
dgrauwels@waterstonemortgage.com
