The Smart Team of NOVA® Home Loans

Existing Home Sales and Prices Surge Despite Rate Increases

Posted To: MND NewsWire

Existing home sales kicked off 2017 with a spurt that brought sales of single family homes, townhomes, condos, and cooperative apartments to the fastest pace in nearly a decade . The National Association of Realtors® (NAR) said January sales were up 3.23 percent from December to a seasonally adjusted annual rate of 5.69 million units. At the same time, December’s sales were revised higher than the first estimate, from 5.49 million to 5.51 million units. The January number was up 3.8 percent from the 5.48 million pace in January 2016 and exceeded the previous post crisis high set in November to become the strongest month for sales since the peak of 5.79 million units in February 2007. Analysts polled by MarketWatch had been looking for an increase in January but not one as significant. Their…(read more)

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Source: Mortgage News Daily

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