Fewer homes for sale, more homes selling
Existing-home sales improved in October (up another 70,000 units over September) while the number of homes on the market continued to decline, according to the National Association of Realtors (NAR).
Total housing inventory at the end of October fell 2.2% to 3.33 million existing homes available for sale, while 4.97 million units sold.
The current inventory represents only an 8 month supply at the current sales pace. Homes haven’t sold that quickly since January 2010 - during the time of the federal new home buyer tax credit program. Inventories have been trending gradually down since a record-setting 4.58 million in July 2008.
And in case you are assuming these trends don’t apply to Florida… According to NAR, in the South, existing-home sales increased 2.1% percent to an annual level of 1.94 million in October and are 14.1% above a year ago.
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Peggy Berkoff & Andrea DiRico
North County Properties & Investments
19510 US Highway 1, Tequesta, FL 33469
561-427-0470 office, 561-427-0522 fax
Peggy 561-301-2243 cell/text, PBerkoff@NCPflorida.com
Andrea 561-543-8715 cell/text, ADiRico@NCPflorida.com
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