Last week the National Association of REALTORS® gave its Home Sales report for October 2012. a monthly report which includes data as total homes sold during the month prior and also features buyer-related data including the percentage of home buyers buying homes and the percentage of buyers buying homes in short sale or foreclosure.
NAR stated 4.79 million homes were sold in October on a seasonally-adjusted, annualized basis -- a 2 percent increase from the month prior and, get this, an 11 percent improvement from one year ago, this says a lot.
I have been seeing much more activity here in the lower Hudson Valley; Westchester has seen a 15% increase in sales from last year and Putnam has seen a 29% increase. Third quarter volume was the highest since 2007. Yet even more impressive, according to NAR, October marked the 16th straight month of annual growth home resale's, which suggests the housing market is well into its recovery.
What's even more encouraging is this marks the fastest pace of homes since early 2006. We also have a shrinking home inventory; compared to October 2011, the number of homes available for purchase nationwide is down 22%. There are now 2.14 million homes for sale nationwide -- a stock which, at the current pace of sales, will be exhausted in just 5.4 months.
Consumer confidence is on the rise and the beneficial effects of these low interest rates is being offset in part by the increasingly demanding criteria the lenders are demanding, it's enough to make your head spin. Yet, homes are selling and if you are credit worthy you will not have any issues purchasing a home.