Sales of previously owned homes spiked 7 percent in September, according to new numbers from the National Association of Realtors. The month-over-month improvement included gains in every region of the country and reversed August’s 2 percent decline. Lawrence Yun, NAR’s chief economist, said the sales rebound was likely helped by the fact that there are more homes available for sale. “Some improvement in supply during prior months helped nudge up sales in September,” Yun said. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.” But while inventory has improved in recent months, the number of homes available for sale actually fell slightly in September, dropping 0.8 percent from the previous month. At the current sales pace, there is now a 2.4-month supply of available homes. A 6-month supply is considered a healthy housing market. Also in the report, 86 percent of homes sold in September were on the market less than a month. The typical property was on the market just 17 days. (source)
