Existing Home Sales Soar to Strongest Pace in Over a Decade. Is It Time For To Buy?

The Real Estate Show gets ready to wind down 2017 with some very positive news and outlook for 2018. According to recently released figures from the National Association of realtors, existing home sales, which make up the majority of the market, surged for the third straight month last month and reached their strongest pace in almost 11 years.

The report went on to describe that all major regions except for the west saw a significant hike in sales activity last month. The reasons for such strength in the real estate market point to stronger and faster economic growth in recent quarters, a record-breaking stock market, and continuous job gains, all of which are fueling strong demand for buying a home right now.

Price appreciation is also very present in most of the market, and the median existing home price for all housing types was $248,000, up nearly 6 percent from November of last year, when it was $234,400. In spite of these price increases total housing inventory dropped more than seven percent and is now almost 10 percent lower than a year ago and that figure has fallen year-over-year for the last 30 consecutive months. Unsold inventory is at 3.4 month supply at the current sales price, which is down from four months a year ago.

Now comes the bad news. Most economists are expecting a rise in mortgage rates over the next year which could further cut into affordability, especially if low supply levels persist. As they say, "Time is of the essence". Are you still on the fence about Real Estate? If you are, then perhaps you need to learn more about Real Estate Investing. You can also learn HOW by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 8 o'clock (EST) on Florida's Money Talk Radio station WSBR AM740, FM 96.9, and FM 103.9. You can also hear us on the free apps: iHeart Radio and TuneIn and the WSBR AM740 app. If you miss the live show, Recorded Rebroadcasts are available 24/7 on Facebook. Please share our Facebook updates and listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow #TheRealEstateShow, #EricWillner, #ThirdHome, #Best
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