Existing home sales blow past expectations
Another month, another piece of evidence that the housing market is in recovery.
Existing Home Sales surged in October as the nation’s home buyers took advantage of low mortgage rates, low 
list prices and for some, a generous tax credit.
The inventory for homes has decreased to 7 months nationwide, which is the lowest home supply since February 2007.
This news follows the monthly Pending Home Sales trend report, which is meant to predict future home sales. Pending Home Sales have been through the roof since mid-May.
With pending home sales showing no signs of slowing and 80 percent of pendings turning into actual, closed sales, we can expect existing home sales volume to rise in the coming months, too. Especially because Congress extended the home buyer tax credit to include (1) “Move-up” buyers, and (2) Buyers with higher household incomes.
It’s terrific news for home sellers. The housing market turnaround means higher sale prices and fewer concessions to buyers long-term.
To potential buyers, this news signifies that now is the time to purchase a home. The window to find a “deal” appears to be closing.
Posted by Ryan Leahy
This is a guest post by Ryan Leahy. He is a lender with Leahy & Associates in Austin, TX, and updates his blog daily. To contact Ryan, call (512) 692-7242 or email rleahy@houseloan.com.
Tags: existing home sales