Sales of Distressed Properties Hit New Low

Sales of Distressed Properties Hit New Low | Keeping Current Matters

The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report revealing that distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008.

Below is a graph that shows just how far the market has come since January 2012 when distressed sales accounted for 35% of all sales.

Sales of Distressed Properties Hit New Low | Keeping Current Matters

Existing Home Sales Hit 2nd Highest Figure Since June

Mortgage interest rates remained well below 4% in September at 3.46%, prompting existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.

Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.

NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:

“Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in.”

There is good news though, as Yun went on to say:

“There’s hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate.”

Bottom Line

If you are debating putting your home on the market this year, now may be the time. Buyers are still out there looking for their dream home. Meet with a local real estate professional who can help you determine your best plan.

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About abolastig

Antonio Bolastig is one of the most dedicated and committed real estate agents in the nation. There are many qualities and skills that go into being an excellent real estate professional - integrity, in-depth community and market knowledge, marketing savvy, effective negotiation skills and a high-quality professional network, all of which are hallmarks of how Antonio work. That said, in Antonio''s experience as a real estate professional, hehas also found that providing the very best service is essentially about putting his clients first. This means keeping himself accessible, being a good listener as well as a good communicator, and responding quickly to his clients'' needs. This "client first" philosophy has always been his approach and it requires him to continually improve his skills and ways of doing business. In addition, Antonio has found that the latest technologies are enabling him to do everything he has always done, only much more quickly and efficiently. They''ve also helped him to extend the range of services he provide to his clients. Antonio is backed by Realty Mark LLC, recognized as a leading real estate company with the most productive sales force in the industry. So when you decide that you''d like to buy or sell a home, please contact Antonio Bolastig.
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