US Home Sales In October Strongest In Nearly 10 Years

US Home Sales In October Strongest In Nearly 10 Years

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Citing low mortgage rates (which have since started to climb after the election), the Associated Press recently reported that Americans bought homes this October at the fastest pace in nearly decade.


According to recent data from the National Association of Realtors, sales of existing homes rose 2 percent to a seasonally adjusted annual rate of 5.6 million. Sales reached their strongest pace since February 2007, which is a sign that the market is still healing from the collapsing prices and foreclosures that ignited the 2008 financial crisis.


The AP reported that for much of the year, a stable job market and historically cheap borrowing costs have increased and encouraged demand from homebuyers; however, sales growth has been a bit tempered by accelerating prices and a shortage of properties on the market. This situation is all too familiar for buyers in Denver.


Another factor that helped boost sales throughout much of the year is falling mortgage rates, though they’ve since surged following this month’s presidential election. According to the AP, this increase means that yearly debt payments for a median-priced home would increase by more than $500 on average for people attempting to buy homes in November and December.


Despite rising mortgage rates and limited inventories, there are still some great homes to be found in Denver. 


If you’re in the market for a home in the metro area, give Metrowest a shout – we’d love to show you around!


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Phone: 303-324-4357
Dated: November 28th 2016
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