News Flash: Existing Home Sales Soar
According to the National Association of Realtors, sales of existing homes rose 7.7 percent in September to a 5.03 million unit annual rate. Economists had expected sales to come in at a 4.75 million unit rate. Over the previous 12 months, the median price of a home sold has fallen 5.1 percent to $168,300.
Based on The Cribline’s tour of Washington last week, most of the open houses we attended were well trafficked. There didn’t seem to be a mad dash as some may have observed before the housing bubble, but there appears to be quite a buzz around Washington with interest rates still at historic lows, and many decent prices to be had.
Maybe we’ll run into you next weekend. Happy house hunting! Eric