Home Sales on the Rise

Both new construction sales and pre-owned home sales rose in September according to NAR (National Association of Realtors).  Pre-owned single-family homes, condos, and co-ops rose 5.5% in comparison to August sales.  Nationally in August, 4.91 million units sold in comparison to 5.18 units in September.  Furthermore, we are even beating last years’ September numbers by 1.4% according to NAR. 

          Additionally, new construction single-family homes also saw a rise in sales during September by 2.7%.  Builders continue to use good business sense and are limiting the number of inventory homes they are building.  Numbers show that in August there were 425,000 new construction homes for sale while in September that number was down to 394,000.  In turn, this also decreased the 11 month supply of inventory down by one month; this is great progress towards a less saturated market!

Much of this can be attributed to foreclosures and lower home prices as well as builders trying to clear inventory before the end of the year.  Irregardless, we will take this great news and run with it!  I just want to encourage everyone out there who is trying to sell their home and move on to another home that the numbers are shifting in your favor . . . just hang on a little longer.