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Inventory Woes Aren’t Slowing Down Home Sales

Existing-home sales fared strongly in October even as buyers continued to complain there aren’t enough homes on the market. Existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased by 0.8% in October compared to September, the National Association of Realtors® reported Monday. Compared to a year ago, however, sales are down 5.8%.

Meanwhile, the inventory of unsold homes fell by 12% in October compared to last year. A limited supply of homes for sale remains an ongoing issue for the housing market against continued strong demand among potential home buyers.

“Home sales remain resilient, despite low inventory and increasing affordability challenges,” says Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”

Mortgage rates remain low, although rates are rising. The 30-year fixed-rate mortgage averaged 3.07% in October, up from 2.9% in September, according to Freddie Mac.

National Association of Realtors, Realtor Magazine

Are you considering selling and/or purchasing a home across Bucks, Montgomery, Delaware, Mercer, Burlingotn or Phialdelphia? More than ever, you need expert, professional representation. Before you list your home for sale, call The John McClintock Team at 267‑759‑9518 for no obligation recommendations on dealing with bids, realistic prices and precise timing.

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Information is deemed reliable but not guaranteed.