Blogs

A report last week from the National Association of Realtors revealed that October was a remarkable month for home sales. What was so special? Existing-home sales rose to a seasonally-adjusted annual rate of 5.6 million, slightly higher than the year's cyclical high point of 5.57 million in June! Even more incredible is the fact that October's numbers were the highest since February 2007. If that sounds impressive to you, you aren't alone; the NAR's chief economist, Lawrence Yun, described October's numbers as an "autumn revival" to the housing market!

If you're reading this, chances are good that you've already heard something about the serious inventory shortages that have been supressing home sales for months. A lack of available homes on the market has made the home-buying process very painful for some shoppers, and has contributed to the unhealthy price gains that have been occurring in some of the nation's most competitive markets. Luckily, new data from the Commerce Department indicates that inventory relief might finally be on the horizon in the form of new construction!

As we enter the final act of 2016, it is only natural to look toward the future. While this year's housing market saw its share of both positives and negatives, experts are predicting significant shifts in 2017, led by a huge increase in the number of first-time home buyers!