Existing Home Sales Are Relatively Unchanged Going On 14 Months Now

By
Mortgage and Lending with PrimeLending NMLS 135370

Existing Home Sales Are Relatively Unchanged Going On 14 Months Now

 

12-month history for Existing Home Sales ending in October 2008In real estate, the term existing home refers to a "used" property; one that can't be classified as new construction.

The number of existing homes sold each month is tracked by the National Association of REALTORS.  The report is often used as a gauge for the health of the real estate market nationwide.

In October, nearly 5 million existing homes sold across the U.S.  This figure represents a slight drop from September's reading, and a equally slight drop from the October 2007 data.

But, October's Existing Home Sales figures marked the 14th straight month in which Existing Home Sales straddled 5-million units.  This is a remarkable statistic because 14 months of anything is a pattern, not a blip.  Despite what the news tells us, Americans are buying and selling real estate at a somewhat steady clip.

As we head into the Holiday Season, buyer activity should slow, reducing demand for homes.  At the same time, however, widespread foreclosure moratoriums should reduce the number of homes available to buy.  These forces should counter-act to help keep the market (and prices) in balance.

(Image courtesy: USA Today)

Posted by

3200 NE 83rd Street 
Kansas City, MO 64119

 

Bruce Brown
Branch Manager

Host of Dollars and Homes on KCMO Talk Radio 710

Direct: 816.286.4663   Mobile: 816.377.0437


NMLS: 135370
bbrown@primelending.com
www.dollarsandhomes.com
PrimeLending NMLS 13649. Equal Housing Lender.
      

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
Mortgage Referrals Only
Mortgage Professionals for an Ethical Industry
Kansas City Rainers
Tags:
interest rates
mortgage

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention
Rainmaker
267,253

Bruce Brown

Branch Manager/Senior Loan Officer/CMPS
Ask me a question
*
*
*
*
Spam prevention