Great news for the housing market! Existing home sales rose in October even with the regional impact of Hurricane Sandy.
Existing-home sales rose 2.1% in October 2012 ( 10.9% above the level in October of 2011). These sales represent completed transactions that include single-family homes, townhomes, condominiums and co-ops.
The national median existing-home price for all housing types was $178,600 in October, which is 11.1 percent above a year ago. This marks eight consecutive monthly year-over-year increases, which last occurred from October 2005 to May 2006.
“Rising home prices have already resulted in a $760 billion growth in home equity during the past year,” Lawrence Yun (NAR’s chief economist) said. “Given that each percentage point of price appreciation translates into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year.”
Total housing inventory at the end of October fell 1.4 percent to 2.14 million existing homes available for sale, which represents a 5.4-month supply at the current sales pace, down from 5.6 months in September, and is the lowest housing supply since February of 2006 when it was 5.2 months. Listed inventory is 21.9 percent below a year ago when there was a 7.6-month supply.
For more about what NAR chief economist had to say about the housing market, see the video below.
There is low inventory in Cobb and Paulding counties. If you or someone you know need to sell their home, we may already have a buyer for you. Please contact us at 866-465-2736 for a FREE SELLER CONSULTATION.