Sales of previously owned homes rose in September to the highest level in a year, adding to signs that residential real estate will be a plus for the economy.
National Association of Realtors reported today in Washington that closings on home sales advanced 2.4 % to 5.17 annual rate, and purchases rose 1.9% from the same month last year before adjusting for seasonal patterns.
On the way, easier lending standards and faster wage gains would attract even more buyers, including those making their first entrance to homeownership.
Sales of existing single-family homes increased 2% to an annual rate of 4.56 million in September from the prior month, also the fastest pace in a year. Purchases of multifamily properties including condominiums rose 5.2% to a 610,000 pace.
Of all purchases, cash transactions accounted for about 24%, down from 33% 12 months earlier, Investors, 63% of whom paid cash 14% of the market last month, in September 2013, they accounted for 19%. And First-time buyers accounted for 29% of the market for a third month in September. Distressed sales, accounted for 10% of the total
We are aware that residential real estate market has definitely gotten better; however it has not fully recovered. There is a lot more to be done!