The latest real estate market trends show continued improvement with an
Existing home sales rose 2.1 percent in October, while median home prices posted a year-over-year gain of 11.1 percent, according to a report released today by the National Association of Realtors (NAR). Builder confidence rose for the seventh straight month to a high last seen in May 2006, according to the Housing Market Index released today by the National Association of Home Builders or NAHB.
Total existing home sales sold at a seasonally adjusted annual rate of 4.79 million in October, up from 4.69 million in September, despite the regional impact from Hurricane Sandy on real estate market trends, according to the NAR. October sales are 10.9 percent higher than the 4.32 million pace for October 2011.
“We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm-impacted regions,” Lawrence Yun, NAR chief economist, said in a statement.
The national median existing home price for all housing types, including single-family homes, townhomes, condominiums and co-ops, was $178,600 in October, the eighth consecutive month of annual increases.
“Rising home prices have already resulted in a $760 billion growth in
Confidence among home builders rose 5 points to 46 on the NAHB Housing Market Index. “While our confidence gauge has yet to breach the 50 mark – at which
The index tracks home builders’ perception of sale, sales expectations and traffic of prospective buyers. Builders’ reported an 8-point improvement to 49 in their view of current sales conditions, while the outlook for sales over the next six months rose 2 points to 53. Perceptions of traffic remained at 35 from the previous month.