October Home Sales Part 3

Are you interested in learning more about home sales from last month? As we stated in our previous post, they weren't as high as expected but still great considering historical numbers. Below, our real estate agents in Raleigh NC have more information for you, according to realtor.org:

More Home Sales Information | Real Estate Agents in Raleigh NC

  • The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.
  • Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.
  • Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.
  • Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample – about 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

For more information regarding home sales in October 2015, visit back with our blog soon. We will have another article to round out the news about last month's increasing sales!

Roark Premier Team | Real Estate Agents in Raleigh NC

If you’re considering buying a home, contact our real estate agents in Raleigh NC at Roark Premier Team today. It's time to get started with the process of searching for your dream home! We will work with you until you find your next home. So what are you waiting for? Call now! At Roark Premier Team we have Raleigh real estate agents standing by to help

Be sure to visit other blogs in this series, below:

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