That National Association of Realtors (NAR) is reporting that existing home sales for the month of October 2017 is up 2% to what they believe is an adjusted annual rate of sales of 5.48 million. This is a positive readjustment as the September predicted annual rate was 5.37 million. The sales figures comes amid continual shortages of inventory in housing as well as interruption in sales in hurricane regions in Texas and Florida. NAR believes that the interruptions in sales in hurricane ravaged areas should dissipate by the end of the year.
Lawrence Yun, chief economist for NAR pointed out that sales activity is continuing to grow in all four regions of the United States. He goes on to state:
“Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home. While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”
The total amount of inventory decreased once again in October as there were only 1.8 million homes available for sale. This is a decrease of 10.4% year over year. As a result of lower inventory, existing home prices have gone up by 5.5% ($247,000) during the same period.
Of note for us living in the New York City region is that existing home sales in the Northeast rose 4.2% to an annual rate of 740,000. The average price in the Northeast has increase to $272,800 which is a 6.6% increase year over year.
As the economy improves we are also seeing more individuals looking for purchase a second home for investment purposes. If you are looking for are have an investment property and are interested in NYC property management than Blue Harbour Property Management is for you. We are a full-service building management company servicing properties in Queens, Brooklyn, Manhattan and the Bronx.