Sales of existing home increased about 10% in the month of September, thrashing analysts estimates and adding on the gains from the preceding month.
National Association of Realtors states that adjusted sale boosted to 4.53 million in September from a turn down revised 4.12 million in August and continues to keep its distance from the 3.83million in July which was the lowest recorded since NAR started printing the report in 1999.
Experts polled by Econoday were anticipating September sales to climb up to 4.3 million, with an estimate range between 4.21 million and 4.6 million.
A housing revival is taking place but will varied at times depending on the duration and effect os a foreclosure moratorium,” Lawrence Yun, NAR Chief Economist said. “But the overall path should be a steady rising trend in home sales with buyers responding to significantly low mortgage interest rates and favourable affordability situation”.
The average rate for a 30-fixed mortgage dropped to the lowest level since 1971 at 4.35% for all of September, according to Freddie Mac.
National Association of realtor which measures the entire transactions of single-family, condos, townhouses and co-ops stated that median price for all housing types was $171,700 in September, down 2.4% from prior year.
Distressed sales accounted for 35% of sales a month ago, slightly increase from 34% in August and 29% a year earlier.
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