The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report
revealing that distressed property sales accounted for 4% of sales in
September. This is down from 7% in 2015, and is the lowest figure since
NAR began tracking distressed sales in October 2008.
Below is a
graph that shows just how far the market has come since January 2012
when distressed sales accounted for 35% of all sales.
Existing Home Sales Hit 2nd Highest Figure Since June
interest rates remained well below 4% in September at 3.46%, prompting
existing home sales to stay at a healthy annual pace of 5.47 million.
Month-over-month sales were up 3.2%.
Inventory of homes for sale
remains below the 6-month supply that is necessary for a normal market,
as it fell 2.2% to a 4.5-month supply. The shortage in inventory has
contributed to the median home price rising an additional 5.6% to
NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:
has been extremely tight all year and is unlikely to improve now that
the seasonal decline in listings is about to kick in."
There is good news though, as Yun went on to say:
hope the leap in sales to first-time buyers can stick through the rest
of the year and into next spring. The market fundamentals — primarily
consistent job gains and affordable mortgage rates — are there for the
steady rise in first-timers needed to finally reverse the decline in the
you are debating putting your home on the market this year, now may be
the time. Buyers are still out there looking for their dream home. Let’s
get together to determine your best plan.