Existing Home Sales Up… for now

The National Association of Realtors  has reported today that the number of existing home sales continued to increase to a seasonally adjusted 4.79 million. That is up over 2% from September and over 11% higher annually.  Gradual economic growth as well as stronger than projected job numbers are credited for the steady rise.

However, predictions are that November’s numbers will not be as lofty. Effects across the Northeast from Hurricane Sandy are anticipated to restrict further home sale growth for the time being due to the storm despite the fact that home sales have shown trends of increasing nationwide.

Lawrence Yun, the National association of Realtors chief economist said “We expect an impact on Northeastern home sales in the coming months … in storm-impacted regions.”

Low mortgage interest rates are expected to continue to help encourage the number of both existing and new home sales across the rest of the nation.

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