According to a detailed report released by the Realtors Association of the Palm Beaches, sales of Palm Beach County single-family homes in October increased 19 percent from last year, with prices growing 2 percent. Also the inventory of single-family homes also rose in the month of October, going up 14 percent from the previous year.
The National Association of Realtors (NAR) said that sales of existing single-family homes, condominiums and townhomes went up 1.5 percent also in the month of October from September, to a seasonally adjusted annual rate of $5.26mill. These October sales are 2.5 percent above the October 2013 sales.
Chief economist for NAR, Lawrence Yun gives credit to the sales volume growth in part to low interest rates and the strengthening job market in Florida.
“This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases,” Yun said.
On another positive note, around 22,000 homes were sold last month, which is up 18 percent from last year and October’s average rate for a 30-year, conventional, fixed-rate mortgage was 4.03 percent. That is the lowest rate it has been since June of 2013.
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