- Prospective homebuyers continue to face a dearth of homes for sale, but existing home sales rose by 2.0% from last month, the fastest pace since June.
- Demand hit a new high, as homebuyers doubled down after Hurricanes Harvey and Irma. The share of inventory sold surpassed its pre-recession peak for the first time.
- As winter approaches, traditionally the slowest home-buying season, those looking to buy should anticipate finding fewer homes on the market as well as rising mortgage rates if the Fed increases interest rates next month.
Existing home sales rose again in October, hitting a seasonally adjusted rate of 5.48 million units, but remains 0.9% lower than a year ago. Prospective homebuyers continue to face a dearth of homes for sale, as sellers show reluctance to list homes. Existing home sales remain well below pre-recession levels, at 84.1 % of normal, accounting for population. As winter approaches, traditionally the slowest home buying season, those looking to buy should anticipate finding fewer homes on the market as well as rising mortgage rates if the Fed increases interest rates next month.
<!–[if IE 9]>
<!–[if IE 9]><![endif]–>
Demand for existing homes surpassed its pre-recession peak for the first time after several major housing markets were hit by both Hurricanes Harvey and Irma in September. Homebuyers appear undeterred by these setbacks, choosing instead to double-down on their home search as mortgage rates remain relatively steady. October’s rate of existing home sales given inventory was 26.0% or 101.6% of the pre-recession average.
<!–[if IE 9]>
<!–[if IE 9]><![endif]–>
