Existing home sales went up in October 2014. According to NAR (National Association of Realtors), this is the second month in a row that sales number improved.
October sales came in at annual rate of 5.26 million units comparing to 5.18 million units in September, an 1.5% increase.
There are several factors contributing to this upward sales number such as job market, lower gas price, better consumer sentiment. In additional, Lawrence Yun, NAR chief economist, also mentioned the effect of lower interest rates. “Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth.”
In California, however, the latest numbers from CAR (California Association of Realtors) remained relatively flat. Sales of existing homes in California came in at adjusted annualized rate of 396,220 units in October versus a revised 396,400 in September.
October median price was $450,620, a 2.3% decreased from September 2014 but was up 5.4% from October 2013.
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