On November 23, 2015, National Association of Realtors® (NAR) reported that nationwide existing home sales dropped 3.4% to annual rate of 5,36 million homes in October of 2015 from 5.55 million homes in September of 2015, but gained 3.9% to annual rate of 5.16 million homes from October of 2014.
There were 2.14 million homes supplies of available inventory in October of 2015 down 2.3% from September of 2015, and decreased 4.5% of 2.24 million homes from October of 2014; while, there were 4.8 months available inventory in October of 2015 compare to 4.7 months in September of 2015.
Properties typically stayed on the market for 57 days in October, an increase from 49 days in September but below the 63 days in October 2014. On average it took 57 days to sell a home in October of 2015, rose from 49 days in September of 2015,but fell from 63 days in October of 2014.
First time buyers acquired 31.0% of homes in October of 2015, higher from 29.0% in September of 2015, and up from 29.0% in October of 2015. Cash buyers purchased 24.0% of all sales in October of 2015, same as from 24.0% in September of 2015, but lower from 27.0% in October of 2014. Investors purchased 13.0% of homes in October of 2015, same as from 13.0% in September of 2015, but decreased from 15.0% in October of 2014, according to Adam DeSanctis of www.realtors.org on November 23, 2015.
Lawrence Yun, NAR chief economist, stated "As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago."
For more complete information, on NAR's October 2015 existing home sales report, please CLICK HERE
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