Existing home sales rose by 3.4% in the 3rd quarter of 2015 and has been one of the best quarters for the housing market in nearly a decade. The quarter has lead to a new annual rate of 5.48 million sales in 2015. Existing home sales increased by 8.4% compared to 2014.
In the United States overall, the single family median home price hit $229,000, up 5.5% from the third quarter of 2014. While home prices and sales continue to climb, their growth rates have slowed to a much healthier pace, providing a bit more depth and consistency to the US housing market.
Median prices rose in 87% of US markets and only 24 of these areas reported prices lower than in 2014.
In the West, existing home sales increased by 3.9% and are 9.7% higher than a year ago.
Issues still remain with lack of home inventory, which have pushed prices up and eliminated some first time home buyers from feasibly buying a home. But generally, more buyers are now able to buy a home than before.
Hart Real Estate Solutions