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Existing Home Sales Increase in October

by The Zac Team

 

Existing Home Sales Increase in October
 
Along with the great news of positive results in builder confidence, existing home sales rise in October, even with the regional impact of Hurricane Sandy. Existing-home sales rose by 2.1% to a seasonally adjusted rate of 4.7 million, compared to 4.69 million in September this year and 10.9% increase from the 4.32 million-unit in October last year.
 
Lawrence Yun , NAR chief economist, said there was some impact from Hurricane Sandy. "Home sales continue to trend up and most October transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the country," he said. "We expect an impact on Northeastern home sales in the coming months from a pause and delays in storm- impacted regions.”
 
Nationally, the median of existing home prices in October for all housing type is $178,600 which is up from last year by 11.1%.
 
"Rising home prices have already resulted in a $760 billion growth in home equity during the past year," Yun said. "Given that each percentage point of price appreciation translates into an additional $190 billion in home equity, we could see close to a $1 trillion gain next year." 
 
Short sales and Foreclosures contributed to 24% of October's total sales. Total Housing Inventory decreased by 1.4% to 2.14 million existing homes available for sale. October has 5.4-month supply, the lowest housing supply since February of 2006 when it was 5.2 month. Listed inventory is 21.9 percent below a year ago when there was a 7.6-month supply. The median time on the market was 71 days, down 26.0% from 96 days year over year. 32% of homes sold were on the market for less than a month and 20% were on the market for six months or longer. First time buyers contributed to 31% of purchases in October as compared to 32% in September and 34 percent in October last year. All cash sales have 29% of the transactions in October, a slight increase from September's 28% and in the same rate with October 2011. The national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 3.38 percent in October from 3.47 percent in September; the rate was 4.07 percent in October 2011.
 
NAR President Gary Thomas, broker-owner of Evergreen Realty in Villa Park, California, said record low mortgage interest rates shouldn't be taken for granted. "Even with rising home prices, we'll continue to see favorable housing affordability conditions over the coming year, but they won't last forever," he said.  Inflationary pressures are expected to build during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores so they'll be able to qualify for a mortgage while conditions are still favorable."
 
With stringent mortgage underwriting standards, Thomas said it's very important to understand credit issues and how credit scores work. "Realtors ® are a good source to learn about lenders with more reasonable terms and ways to increase your likelihood of obtaining safe and sound financing. Buyers can also visit NAR's consumer website, Houselogic.com, and search for 'credit score.'"
 
Source: http://www.realtor.org/news-releases/2012/10/existing-home-sales-rise-in-october-with-ongoing-
price-and-equity-gains

 

943 Peachtree Street, Unit 1217, Atlanta, Georgia

by The Zac Team

 

 
“Convenience with the perfect view” are the words to describe this unit at Metropolis in the heart of Midtown. Marvel at the stunning views of Stone Mountain and Piedmont Park which is going to be your everyday view. This 1 bedroom unit does not have the typical boring condo feel as it has natural hardwood floors and a spacious kitchen and living room combo. The kitchen features granite countertops and stainless steel appliances. All other appliances are included and ready to be used. The building also offers a wide variety of things to do as they offer fantastic amenities such as a sparkling pool, clubroom, business center, state of the art fitness center, wi-fi, and theatre room at your disposal. A storage unit is included on the same floor less than 20 feet from your door. There will be 24-7 lobby concierge and a secured assigned parking space deeded.
 
View more of this property here:
http://www.zacsellsatlanta.com/Property/943-Peachtree-Street-Unit-1217-Atlanta-Georgia

1256 University Drive, Atlanta, Georgia

by The Zac Team

 
An all brick bungalow in one of Atlanta's finest neighborhoods! The has a convenient location as it is just a short walk away from Morningside shops and restaurants. Very unique and well kept home with 3 bedrooms and 2 bathrooms. A welcoming wide front porch greets you that encompasses almost the entire front portion of the house, and from the outside you can see a well kept 3 year old roof and a new driveway. Come inside and you will be lead to the open and cozy combination of the living room and the dining room with plenty of windows and great hard wood floors. Bathroom on main is newly renovated, and you won’t want to miss the large cedar closet downstairs. Home has a private in-law suite with kitchen and bath. In-law suite can be separate for rentals or combined with the entire home for that main functionality. Walk out to the flat backyard that you can use for the kid's playset or other recreational activities.This home will suit your lifestyle without sacrificing your comfort!
 
Interested of this property? Find out more here!

1031 Lindbergh Drive, Atlanta, Georgia

by The Zac Team

 

 
A One of a Kind house in a fantastic location! Take a quick stroll to the Publix and popular neighborhood restaurants as this home is located just minutes away from Emory/CDC, Midtown, Downtown and Buckhead. Get the utmost convenience in style! This house is 1822 sq. ft with 4 bedrooms, 2 bathrooms. It has a renovated and spacious kitchen with tons of cabinets for maximum storage space. The kitchen is also boasts stainless steel appliances with granite counter tops. This home has a separate living room and dining room, and both rooms are cozy and inviting. Pamper yourself after a day's work as this home also offers its very own spa retreat equipped with pristine hot tub and separate dry sauna. Spend your Sunday mornings relaxing in the grand backyard sanctuary with massive brick paved patio. A must see and a must own home!
 
Interested of this home? Click here!
 
 

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Zac Pasmanick
RE/MAX Metro Atlanta Cityside
1189 S. Ponce de Leon Avenue
Atlanta GA 30306
Office: 404-564-7272

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