For immediate release
For additional information contact:
Laura Burns/Chief Executive Officer
Greater Capital Association of REALTORS® Ph: (518) 464-0191 x16
With mortgage rates remaining below 4 percent for the third straight month, existing-home sales in October were at a healthy pace but failed to keep up with September’s numbers. Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales, recent low national numbers have not fulfilled what many predicted. As always, every market and situation is unique, and nothing is etched in stone.
Locally, Pending Sales increased 7 percent from October 2014 to 953 for the month. Closed Sales decreased 1 percent from October 2014 to 924 for the month. With no sudden jumps in interest rates, it is not surprising that buyers are still leaping at the chance to purchase a home. As a result, average days on market have dropped to 85 on new construction and resale as compared with 89 in 2014.
Inventory slumped a bit as compared to last year’s numbers. Inventory levels market-wide were down 11.5 percent to 7,416 units. Months’ supply of inventory was down over 22 percent to 8.3 months. Percent of list price received at sale ascended, which is good news for sellers. Percent of Original List Price Received at Sale rose to 93 percent since last year.
Lawrence Yun, NAR chief economist, noted that jobless claims have also been at low levels, coming in as the lowest number since 1973. “As long as solid job creation continues, a gradual easing of credit standards, even with moderately higher mortgage rates, should support steady demand and sales continuing to rise above a year ago.” said Yun.
Prices rose compared to last year at this time. The Median Sales Price increased 3 percent to $191,275 for the region. Prices continue to experience year-over-year increases as low inventory pressures prices upward.
Greater Capital Association of REALTORS® President, Cathy Griffin, remains optimistic about the state of the market. “With positive economic news coming from all arenas, there are no imminent factors to prepare for beyond the typical seasonal adjustment.” Griffin said.
The Greater Capital Association of REALTORS® is a professional trade association officially representing more than 2,800 real estate professionals in the Capital Region. GCAR is the “Voice for Real Estate™ in the Capital Region.