Home sales volume increased in October

Home sales volume increased in October

Home sales volume increased in October
The number of homes sold in the U.S. climbed for the second month in a row as of October. The National Association of Realtors reported last week that existing single-family houses, townhomes, condos and cooperative apartments sold last month was 0.8 percent higher than September. This is increase in unusual as sales typically slowdown in the fall, emphasizing that the current housing market remains unseasonably hot.

“Home sales remain resilient, despite low inventory and increasing affordability challenges,” said Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

These properties not only sold for more in October but also sold faster. Listings remained on the market for just 18 days in October, down from 21 days a year ago with 82 percent of properties sold in less than a month.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.25 percent.

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