National Existing-Home Sales Up In More Than Three Years

Per the National Associatin of REALTORS, real estate professionals should be prepared to draft more home sale contracts as buyers gradually return to the housing market. Contract signings, which are a gauge for future home sales, rose 5.4% in October compared to a year ago, the National Association of REALTORS® reported Wednesday. NAR also reported last week that existing-home sales posted their first yearly gain in more than three years and are now up nearly 3% annually.

“Homebuying momentum is building after nearly two years of suppressed home sales,” says NAR Chief Economist Lawrence Yun. “Even with mortgage rates modestly rising—despite the Federal Reserve’s decision to cut the short-term interbank lending rate in September—continuous job additions and more housing inventory are bringing more consumers to the market.”