Home sales at 14-year high

Home sales at 14-year high

Home sales at 14-year high
The sales volume of previously owned homes in the U.S. has risen to its highest level since 2006, according to a new report from the National Association of Realtors. The October data shows double-digit growth in several metropolitan areas. This coincides with a sharp climb in home prices across the nation as well.

The S&P CoreLogic Case-Shiller National Home Price Index climbed 8.4 percent in the year ending October, up from 7 percent the prior month. This is the highest annual rate of price growth since March 2014.

Record low mortgage rates are driving more people to the housing market driving prices upward as buyers compete for properties.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.