Sales of Existing Homes Increase, however not enough

Sales of Existing Homes Increase, however not enough

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.

Why this is a great time to sell your home?

Why this is a great time to sell your home?

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!

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Mortgage Rates slightly higher

Mortgage Rates slightly higher

Finding-a-refinance-rate-for-your-homeMortgage rates are higher today, leaving September as one of only 3 months this year with noticeable upward movement.

And today was an exception to that recent trend, but it’s tempered by the fact that yesterday’s gains were the best of the month.

The only downside is that the most prevalently-quoted conforming 30yr fixed rate for top tier borrowers remains 4.25% whereas it would have likely moved to 4.125% if rate went the other direction today.

These movement considerations may be small scale compared to what lies ahead.  Several big tickets events are coming up in the second half of this week and they stand a good chance to increase the level of volatility.