Talk of the Town - Real Estate News from the Hamptons and North Fork

October 24, 2014

Home Sales Reach 12-Month High

By Reuters Sales of existing homes climbed to a one-year high in September, the latest indication the housing market recovery is gradually getting back on track.   The National Association of Realtors said existing-home sales increased 2.4 percent to an annual rate of 5.17 million units, the strongest reading since September of last year. That was above economists’ expectations for a rise to a 5.1 million unit pace and more than reversed August’s decline, which pushed down the annual rate of sales to 5.05 million units. Still, sales were 1.7 percent below those for September of last year.   “The housing recovery continues to move along sluggishly, as consumers are stuck between tight credit standards and limited wage growth,” said Sophia Kearney-Lederman, an economist at FTN Financial. Housing activity stalled in the second half of 2013 after a run-up in mortgage rates. While it continues to be hobbled by sluggish wage growth, a recent decline in mortgage rates should help support sales. The 30-year mortgage rate fell to an average of 3.97 percent last week from 4.12 percent in the week ended Oct. 9, according to data from the mortgage-finance giant Freddie Mac. The decline reflected a sharp drop in Treasury debt yields as traders pushed back their expected timing of the first interest rate increase by the Federal Reserve...

All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements, square footages, acreage and property taxes are approximate and all information should be confi rmed by customer. All rights to content, photographs and graphics reserved to Broker. Customer should consult with its counsel regarding all closing costs, including without limitation the New York State 1% tax paid by buyers on residential properties over $1 million and the Peconic transfer tax of approximately 2% paid by buyers. Broker represents the seller/owner on Broker's own exclusives, except if another agent of Broker represents the buyer/tenant, in which case Broker will be a dual agent with designated agents representing seller/owner and buyer/tenant. Broker may represent either the buyer/tenant or the seller/landlord when showing the exclusives of other real estate firms. Broker actively supports equal housing opportunities. Brown Harris Stevens of the Hamptons, LLC and Brown Harris Stevens Westhampton & North Fork, LLC.
© 2013 Terra Holdings.       Terms of Use