When we scan the nation, the general consensus is that the real estate industry is performing at a much higher clip than it was a few years ago. In many areas, we are back to levels that we realized during the housing boom before the recession. Indeed this is a great sign, however it is the stability and growth in the market and related industries that give us immense hope and promise for the future of our industry.
What has just been reported is that the most recently concluded month of September saw some very favorable results as it pertains to the real estate industry. Sales of existing homes hit their highest annual pace for the entirety of 2014 – reaching 5.17 million properties sold. This news comes to us from the National Association of Realtors.
Given the lower level of inventory that much of the nation is experiencing, knowing that sales are still performing well shows how much peak demand there is to buy. Evidently, people are back on their feet financially, and they truly see the benefit and importance of an investment in real estate.
September’s 5.17 million transactions beat out August’s 5.05 million properties sold. As a whole, these figures totalled up the sales of all single-family homes, townhouses, condominiums, and co-ops.
Lawrence Yun, the Chief Economist at the National Association of Realtors noted that,
“Low interest rates and price gains holding steady. Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.” He furthered his point by discussing that the stock market volatility, “…is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now.”
As if the news for the market could not get any better, prices across the United States also continued to flourish. While certainly higher here on our local level, the median home prices nationwide climbed by 5.6% in one year in September to $209,700. Indeed, it seems as though the best is yet to be as our industry continues upward on the right track through this fall season.