This past September proved to be a successful month for existing-home sales. After a slight decline in August, sales reached their highest pace of the year in September, according to the National Association of Realtors September Existing-Home Sales Report. With steady price gains and continued low interest rates, sales have been able to carry their spring momentum into the fall. The median existing-home price for all housing types in September was $209,700, 5.6 percent above September 2013. Last month marked the 31st consecutive month of year-over-year price gains.
Only 14 percent of homes purchased last month were purchased by investors, down from 19 percent in September 2013. This is good news for traditional buyers as they face a less competitive market with low interest rates and steady price gains. Buyers looking to purchase a home this fall should be aware of tight inventory that generally occurs during the winter months.
With exception of the Midwest, all major regions of the country experienced gains this September.
Lindsay Listanski/ Coldwell Banker Blue Matter
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