Recent numbers compiled by the National Association of Realtors have shown a rise in previously owned home sales for the month of October. Sales of these homes rose 1.5% to an annual rate of 5.26 million dollars. October was the second straight month where the annual rate trended up and its upward pace has not been this fast since September 2013.
The combination of improving inventory, stable price growth and low interest rates continue to make buying pre-owned homes easier. The average interest rate for the full month of October fell to 4.03%, the lowest it has been since June 2013. The average had also fallen from September, where the average rate had been 4.16%.
As the market has recovered, the frenetic pace in some real estate markets has slowed in rate. With more relaxed and longer term buyers coming to the market, properties have been staying on the market longer. October averaged 63 days compared to 56 in September. Yet, one third of homes sold in October were on the market for less than a month, showing that the market is still moving quickly in a lot of cases.