Bedford

Existing home sales rise | Bedford Real Estate

Existing home sales, as reported by the National Association of Realtors (NAR), increased 2.0% in October and reached the highest pace since February 2007. In October sales increased for the second straight month, and were up 5.9% from the same month a year ago. Total existing home sales in October increased to a seasonally adjusted rate of 5.60 million units combined for single-family homes, townhomes, condominiums and co-ops, up from an upwardly adjusted 5.49 million units in September.

October existing sales increased in all four regions, ranging from 2.8% in the South to 0.8% in the West. Year-over-year, October sales also increased in all regions, ranging from 10.4% in the West to 1.4% in the Northeast.

Total housing inventory decreased slightly by 0.5% in October, and remains 4.3% lower than its level a year ago. At the current sales rate, the October unsold inventory represents a 4.3-month supply, compared to a 4.4-month supply in September.

The October all-cash sales share increased to 22% from 21% in September, but was down from 24% one year ago. Individual investors purchased a 13% share in October, down from 14% in September and unchanged from a year ago. The first-time home buyer share was 33% in October, down a point from the solid September report, but above the first-time buyer share of 31% in October 2015. Distressed sales, comprised of foreclosures and short sales, increased to 5% in October from 4% in September, which was the lowest rate since NAR launched that series in 2008.

The October median sales price of $232,200 was 6.0% above the same month a year ago, and represents the 56th consecutive month of year-over-year increases. The median condominium/co-op price dropped for the fourth consecutive month to $220,300 in October, but was up 6.2% from the same month a year ago.

 

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http://eyeonhousing.org/2016/11/existing-sales-revival/

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Robert Paul

Robert is a realtor in Bedford NY. He has been successfully working with buyers and sellers for years. His local area of expertise includes Bedford, Pound Ridge, Armonk, Lewisboro, Chappaqua and Katonah. When you have a local real estate question please call 914-325-5758.

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