Home sales on an upswing
Home sales in the U.S. climbed last month according to new data, marking the fourth consecutive month of the past six to increase on a year-over-year basis. According to information from the RE/Max National Housing Report, sales rose 3.9 percent in October.
“October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago,” said RE/Max Holdings CEO Adam Contos. “Demand is strong, due in part to low-interest rates.”
According to the report, the rate of home sales continues to remain subdued due to limited inventory. The supply of homes on the market fell nine percent compared to October 2018.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
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