Highest Level for Existing Home Sales in 2014 So Far

Existing Home SalesDuring September 2014, existing home sales reached the highest level in 2014.  According to National Association of Realtors, existing home sales rose 2.4%, an annual rate of 5.17 million units, after a slight drop of 5.05 million in August.

The average sales price for existing homes in September 2014 was reported as $209,700, a 5.6% increase from September 2013.   September 2014 marked the 31st successive month of year-over-year price increase.

During September 2014, existing homes stayed on the market longer than August 2014 and September 2013.  At the end of September 2014, the existing home sale inventory fell 1.3% to 2.3 million units, resulting in inventory being typically available for an average of 5.3 months.

Real estate investors accounted for 14% of the purchased existing homes in September 2014 while first time home buyers accounted for a historical low of 29%.  Foreclosures accounted for 7% of sales and short sales accounted for 3%.  These rates decreased from 14% a year ago.  In September 2014, short sales averaged 116 days on the market, foreclosures averaged 59 days on the market, and non-distressed homes averaged 55 days on the market; 35% of September home sales were on the market for less than a month.

What are your real estate predictions for the end of 2014?



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