Existing Home Sales Pace Accelerates
Existing home sales jumped 1.5% last month, the fastest rate since September 2013 according to the National Association of Realtors. In other good news, distressed properties accounted for 9% of those sales, compared to 14% in the same period last year. All-cash existing home purchases declined to 27% of transactions from 31% last October.
The decrease in distressed properties translated to fewer bargains, with the median sales price rising 5.5%, to $208,300. Affordability and limited credit access continued to keep first-time homebuyers out of the market: they constituted just 29% of the total pool, a figure below the historical average, Forbes reported.
Earlier this week, mixed news emerged about new residential construction, with a boost in builder confidence having little effect on sluggish sales.
