Did you hear that correctly?
NEW AND EXISTING HOME SALES ARE BOTH UP.
The National Association of Realtors reported that sales by homeowners jumped in September to an annual pace of 5.18 million, up 1.4% from a year ago. It was the first time that sales rose compared to a year earlier since November 2005.
September sales were up 5% from the August reading of 4.91 million, marking the largest month-to-month increase since July 2003. Economists surveyed by Briefing.com had expected the report to show existing home sales rose to an annual pace of 4.95 million.
Sales of newly constructed homes rose in September, according to the monthly report from the U.S. Census Bureau, inching up 2.7% from August to an annualized rate of 464,000.
We all know that most of the sales are bank owned, but this is the U-turn in the market. We will see slow growth month to month from here on out.
Congrats to all of us who are still in the industry, I believe the worst has come. Now is the time to get out of that funk and be positive and work harder then you ever have in the past, because there are many of us who are being successful in this environment.
Good Luck to all.
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