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Existing Home Sales Rise

Tuesday, November 22, 2011   /   by Nathan Clark

Existing Home Sales Rise

Sales of existing homes increased in October by 1.4 percent from September in the United States, cutting into the inventory of unsold homes nationwide.

According to the National Association of Realtors, sales rose to an annual rate of 4.97 million homes, from a 4.90 million figure in September. According to a CNNMoney.com article, the number was higher than expected, as some economists predicted a decrease from September. The figure is up 13.5 percent from the 2010 total of 4.38 million.

The rise in sales dropped the number of unsold homes on the market by 2.2 percent, according to the report. The country now has about an eight-month supply of inventory, down from an 8.3-month inventory in September. Also, the number of foreclosures and short sales dropped to a 28-percent share of all sales, down from a 30-percent mark the month before.

The median sales price of $162,500 was down from last year by 4.7 percent, meaning that there are still attractive deals on unsold homes in many markets.
Nathan Clark & Associates
Nathan Clark Team
39 Cedar Swamp Rd
Smithfield, RI 02917
401-232-7661

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