• remaxelitebroker@gmail.com
  • (321) 775-8110

Distressed Property Sales Hit New Low

  • 0

Distressed Property Sales Hit New Low

Tags : 

The National Association of Realtors (NAR) just released their Existing Home Sales Report revealing that distressed property sales accounted for 6% of sales in October. This is down from 9% in 2014 and the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.

Percentage of Distressed Property Sales | Simplifying The Market

Existing Home Sales Up Year-Over-Year

Mortgage interest rates remained below 4% in October prompting existing home sales to stay at a healthy annual pace of 5.36 million. Year-over-year sales were up 3.9%.

Inventory of homes for sale remain below the 6-month supply that is necessary for a normal market, as they fell 2.3% to a 4.8-months supply. The shortage in inventory has contributed to the median home price rising an additional 5.8% to $219,600.

NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:

“New and existing-home supply has struggled to improve so far this Fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets.”

There is good news though, as Yun went on to say:

“As long as solid job creation continues, a gradual easing of credit standards even with moderately higher mortgage rates should support steady demand and sales continuing to rise above a year ago.”

Bottom Line

If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Let’s get together to determine your best course of action.

Source: Simplifying the market


Connect With Us!

Visit Us On TwitterVisit Us On FacebookVisit Us On GooglePlusVisit Us On PinterestVisit Us On YoutubeVisit Us On LinkedinVisit Us On Instagram

Office Calendar

Our Preferred Partners

Peek Inside RE/MAX Elite!

View RE/MAX Elite's Book of Benefits to see all Growth Strategies and Programs we offer!

Using the benefits of this book, you will have the tools to be able to apply & utilize the laws of leverage by effective lead generation and conversion. Systems, Processes and Technology will allow you grow to unheard of heights!

VIEW EBOOK NOW!

Save

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Learn how RE/MAX Elite can take your real estate career to the MAX!