Earlier this week The National Association of Realtors® (NAR) released their monthly update on the state of the housing market, nation wide. Similar to Charlotte, the numbers for September marked continued improvement in the housing market across the board, following what has been one of the best spring/fall seasons in some time! With percent increases in total existing home sales, median existing home prices, all-cash sales, things continue to look positive for the future of the housing market Lawrence Yun, the chief economist for NAR says “Economic instability overseas is leading to volatility in the stock market and is causing investors to seek safer bets, which will likely keep interest rates in upcoming weeks hovering near or below where they are now. This is welcoming news for consumers looking to buy, although they could temporarily become more cautious by less certain economic conditions.” Other positive signs are the decrease in distressed and foreclosed home sales (down 14% from this time last year). One number that hasn’t changed much is the number of first-time home buyers in the market, hovering around 30% for the last 17 or 18 months. You can read more about the millennials and the housing market here. Check out this infographic from the National Association of Realtors that puts the national market into perspective for you:
Want to hear more about the national housing market? Click here to watch a video from Lawrence Yun and the National Association of Realtors® giving the full break down of all the numbers! More interested in the local market? Click here to see our monthly market update and newsletter!