For the first time in 2014, the number of existing home sales in October exceeded those from the same period a year ago.
Existing home sales were up 1.5 percent from October 2013, with overall home sales up 2.5 percent.
“Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth,” Lawrence Yun, National Association of Realtors chief economist, told Mortgage News Daily. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
Image via flickr/American Advisors Group