Several reports out this week indicate that the housing market is in the early stages of recovery, and that buyers continue to find today’s high home affordability hard to resist.
In September, sales of existing single-family homes, townhomes, condominiums, and co-ops increased 10 percent from August, according to the National Association of Realtors (NAR). This represents the second consecutive monthly gain and far exceeded economists’ expectations.
According to NAR President Vicki Cox Golder, with housing affordability conditions 60 percentage points higher than during the housing boom, opportunities abound in the current market. “The savings today’s buyers are receiving are not a one-time benefit. Buyers with fixed-rate mortgages will save money every year they are living in their home — this is truly an example of how homeownership builds wealth over the long term,” she said.
In addition, the Commerce Department announced Wednesday that in September, sales of new single-family homes rose 6.6 percent from August.
