Our Raleigh real estate agent has great news to report for September 2014! As of August 2014, the U.S. housing market declined a little more than expected. Thankfully, September home sales showed a different story. In fact, sales for existing-homes in the U.S. for September increased (according to realtor.com) to their highest annual pace of the year.
With the exception of the Midwest, all other regions showed gains in September. This comes as an exciting shock after the declines in August. Below, you’ll find a few additional facts from Realtor.com:
Raleigh Real Estate Agent: Home Sales for September 2014
- Sales are now at their highest pace of 2014, but still remain 1.7 percent below the 5.26 million-unit level from last September.
- Total existing-home sales increased 2.4 percent to a seasonally adjusted annual rate of 5.17 million in September from 5.05 million in August.
- The median existing-home price for all housing types in September was $209,700, which is 5.6 percent above September 2013. This marks the 31st consecutive month of year-over-year price gains.
- Despite fewer homes for sale in September, unsold inventory is still 6.0 percent higher than a year ago, when there were 2.17 million existing homes available for sale.
- Total housing inventory at the end of September fell 1.3 percent to 2.30 million existing homes available for sale, which represents a 5.3-month supply at the current sales pace.
- All-cash sales were 24 percent of transactions in September, up slightly from August but down from 33 percent in September of last year.
- Individual investors, who account for many cash sales, purchased 14 percent of homes in September, up from 12 percent last month but below September 2013.
- Sixty-three percent of investors paid cash in September.
Buying demand started off strong this past spring, and has carried through well into fall, even despite the minor issue with August home sales. Low interest rates are probably helping with that. In addition, the market is less competitive, making it easy for traditional buyers, because investors have cooled their searching for available homes.
According to Freddie Mac, after falling for four consecutive months, the average commitment rate for a 30-year conventional fixed-rate mortgage rose to 4.16 percent in September from 4.12 percent in August. Despite the slight increase, interest rates are 33 basis points less than a year ago.
Issues overseas are causing a serious impact on the stock market here in the U.S. as well. It’s thought that interest rates will continue to drop or stick close to where they are now. That alone, is great news for buyers.
With the lower interest rates and increased sales, it's a great time for buyers to really consider purchasing a home before the end of this year. With time left to search, as well as sell current homes, now's a great time to contact our Raleigh real estate agent!
Also, if you’re considering selling your home in Raleigh NC, it's time to act now! Contact Roark Premier Team today and get started with the process of listing your home on the market! We guarantee to sell your home in 59 days or less! If we don’t, the listing fee is waived! So what are you waiting for? Call now! Our Raleigh real estate agent is standing by to help you get your home sold during one of the busiest times of the year for real estate!