Sales of previously owned homes rose 3.4 percent in October, according to new numbers from the National Association of Realtors. The monthly gain helped push sales 2.9 percent higher than they were at the same time last year, marking the first year-over-year increase in more than three years.
Lawrence Yun, NAR's chief economist, says the worst of the housing market's downturn may be over. “The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” Yun said. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand.”
The increasing number of available homes for sale should also help slow future price increases. Combined with the expected stabilization of mortgage rates, moderating price increases will give home buyers more affordable options in the months ahead – especially during the winter when the market slows and fewer buyers are competing for available listings.
[Source: NAR]
