Market News: Existing-Home Sales Decline in October

Existing-Home sales decline in October following two monthly gains, according to the National Association of Realtors®.  The report shows a 2.2 percent reduction to a seasonally adjusted annual rate of 4.43 million in October sales, down from the 4.53 million reported in September.  Year-to-date numbers also came in lower at 4.149 million existing-home sales which is down 2.9 percent compared to 4.272 million at this time in 2009.

According to Lawrence Yun, NAR chief economist, the recent sales pattern can be expected to continue.   “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels,” he said. “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”

Source: NAR Full Report 11/23/10

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About Susan Johnson Team Charlotte | Lake Norman Real Estate Specialists

Susan Johnson & Associates Real Estate Agents in Charlotte | Lake Norman NC I am native to the area, live, work and play in the area. My children go to school here and I serve my community in this area. I love the region and I think its a great place to live! Together with my team, we have more than 21 years of combined experience in business, marketing, technology and communications, as real estate professionals in Charlotte | Lake Norman, we have also found that the key to providing the very best service is as simple as putting our clients first. This means keeping ourselves accessible, being good listeners as well as good communicators, and responding quickly. We look forward to sharing our expertise and working with you in all of your real estate needs in this region and across the country! Visit my website www.BuySellCharlotteLakeNorman.com
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