U.S. home resales jumped to their highest level in more than a year in October and outpaced the sales level a year ago for the first time in 2014, further evidence the housing market is on a recovery path.
The National Association of Realtors (NAR) on Thursday said existing home sales rose 1.5 percent to an annual rate of 5.26 million units, the highest rate since September of last year. Sales rose 2.5 percent compared to a year ago, the first time since October 2013 that nesales have risen above the prior-year levels.
Economists polled by Reuters had forecast sales falling to a 5.16 million-unit pace, from an upwardly revised rate of 5.18 million units in September.
“This is the first time in the year where we have seen a year over year annual gain, which means that existing home sales have made that successful U-turn,” Lawrence Yun, NAR’s chief economist, told reporters.
I thought things were going pretty good nationally, and if we could get looser credit then everything would be fine. Now I guess a ‘successful U-turn’ means….good or bad? 😆
Yunnie deserves a break; he has done a much better job than David Lereah. In July, Yun did say that he expected a slight uptick in sales during the second half of the year:
Locally this year we haven’t beat any of last year’s monthly sales counts. Here are the NSDCC Detached-Home Sales for 2013 and 2014:
Last year was so hot due to low rates and prices that it’s doubtful we will see those numbers anytime soon. But we have been close enough!