Housing Market Trends for October 2013
The strength of the real estate housing market can be identified, by looking at the trends in the industry during October 2013. There are a number of interesting aspects that can be observed from this point of view.
A housing market report on the trends for October 2013 tells us that in the previous month, a raise of 20.9 percent was seen in the rate of housing sales. This was a very strong increase as compared to the previous year. This has been a trend that is being followed ever since October 2011. Sales of existing homes went up to 6.228 million from the previous year’s annual rate which was a recorded number of 5.153 million. However, this was still a slight dwindle from last month’s rate. Nonetheless, this drop is not considerably harmful.
Remaining on the comparison charts, September 2013 as compared to last year’s September, saw an increase in average prices of homes which were sold. The percentage spiked by a 5.5 percent. In the Midwestern region, unit sales of housing jumped up to 24.4 percent in the month of September 2013. This is the strongest recorded rise in the country. The second highest area was the South which went up by 23.3 percent. The Northeast saw a 21.5 percent rise while the West was behind all, only seeing a 14.2 percent rise.
September 2013 also suffered a significant decline compared to August 2013. This was a decrease in average price of homes which were sold. The percentage was 5.5 percent all across the country. In this aspect, the West showed the most compelling outcomes with the average price going up to 10.2 percent. The South and the Midwest followed with averages of 7.3 percent and 7.0 percent respectively. The Northeast suffered the most seeing a slide in the prices by 0.3 percent.
According to the experts, the sales of new and existing homes were unexpectedly powerful in the month of September this year. Specifically if the recent rise in mortgage rates is kept in mind. In past times, whenever a market starts recovering and the rates go up, the buyers increase buying to keep the rise in rates to a minimal. This was also observed in the outcomes of July 2013. A slight decrease in annual rates of homes sales was seen in September as compared to the previous month but this result was expected. Sales continue to be restrained by inventories and remain lower than the range of affordable housing markets.
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