Home Sales Decline in October
Home Sales Decline in October
Home Sales Decline in October
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November 28 2010 (Shirley Allen)
home-sales-down-image
Despite record low mortgage rates, existing home sales declined 2.2 percent in October compared to September. The sales decline came on the heels of two consecutive strong monthly gains. Existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops fell to a seasonally adjusted annual rate of 4.43 million units.

According to the report released by the National Association of Realtors (NAR), there have been 4.149 million existing home sales year-to-date, down 2.9 percent from the 4.272 million homes sales at this same time in 2009.

In October of 2009, sales surged to a rate of 5.98 million units due to the approaching deadline of the initial first time buyer tax credit.

Lawrence Yun, NAR chief economist, said that we should expect recent sales pattern to continue. In the report he states, “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. 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.”

The national median existing-home price for all housing types was $170,500 in October, down 0.9 percent from October 2009. Distressed homes accounted for 34 percent of sales in October, compared with 35 percent in September and 30 percent of sales in October 2009.

NAR President Ron Phipps attributes the impact of the foreclosure process, an overly tight credit market, and a notable share of appraisals coming in below prices negotiated etween buyers and sellers.

A NAR survey showed that 10 percent of Realtors in October reported that they had a contract cancelled as a result of a low appraisal, 13 percent reported they had a contract delayed, and 16 percent said a contract had to be renegotiated to a lower sales price as a result of a low appraisal.

Total housing inventory at the end of October fell 3.4 percent to 3.86 million existing homes available for sale, which represents a 10.5-month supply at the current sales pace, down from a 10.6-month supply in September (not accounting for the “shadow” inventory).

First-time home buyers purchased 32 percent of homes in October, unchanged from September, but down from 50 percent a year ago during the initial surge for the first-time buyer tax credit.

Single-family home sales declined 2.0 percent to a seasonally adjusted annual rate of 3.89 million in October from 3.97 million in September. The median price for a single-family home was $171,100

Existing condominium and co-op sales fell 3.6 percent to a seasonally adjusted annual rate of 540,000 in October. The median price for an existing condo was $166,000.

Tags: NAR, housing inventory, single-family homes, median price, existing home sales, low interest rates, median home price, condominiums, co-ops, housing market

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November 28 2010 (Shirley Allen)
home-sales-down-image
Despite record low mortgage rates, existing home sales declined 2.2 percent in October compared to September. The sales decline came on the heels of two consecutive strong monthly gains. Existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops fell to a seasonally adjusted annual rate of 4.43 million units.

According to the report released by the National Association of Realtors (NAR), there have been 4.149 million existing home sales year-to-date, down 2.9 percent from the 4.272 million homes sales at this same time in 2009.

In October of 2009, sales surged to a rate of 5.98 million units due to the approaching deadline of the initial first time buyer tax credit.

Lawrence Yun, NAR chief economist, said that we should expect recent sales pattern to continue. In the report he states, “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. 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.”

The national median existing-home price for all housing types was $170,500 in October, down 0.9 percent from October 2009. Distressed homes accounted for 34 percent of sales in October, compared with 35 percent in September and 30 percent of sales in October 2009.

NAR President Ron Phipps attributes the impact of the foreclosure process, an overly tight credit market, and a notable share of appraisals coming in below prices negotiated etween buyers and sellers.

A NAR survey showed that 10 percent of Realtors in October reported that they had a contract cancelled as a result of a low appraisal, 13 percent reported they had a contract delayed, and 16 percent said a contract had to be renegotiated to a lower sales price as a result of a low appraisal.

Total housing inventory at the end of October fell 3.4 percent to 3.86 million existing homes available for sale, which represents a 10.5-month supply at the current sales pace, down from a 10.6-month supply in September (not accounting for the “shadow” inventory).

First-time home buyers purchased 32 percent of homes in October, unchanged from September, but down from 50 percent a year ago during the initial surge for the first-time buyer tax credit.

Single-family home sales declined 2.0 percent to a seasonally adjusted annual rate of 3.89 million in October from 3.97 million in September. The median price for a single-family home was $171,100

Existing condominium and co-op sales fell 3.6 percent to a seasonally adjusted annual rate of 540,000 in October. The median price for an existing condo was $166,000.

Tags: NAR, housing inventory, single-family homes, median price, existing home sales, low interest rates, median home price, condominiums, co-ops, housing market

FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
HOW LOANRATENETWORK
LOAN CENTER WORKS
ADVANTAGES OF USING
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FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.
Helpful Tools

November 28 2010 (Shirley Allen)
home-sales-down-image
Despite record low mortgage rates, existing home sales declined 2.2 percent in October compared to September. The sales decline came on the heels of two consecutive strong monthly gains. Existing home sales, which are completed transactions that include single-family homes, townhomes, condominiums, and co-ops fell to a seasonally adjusted annual rate of 4.43 million units.

According to the report released by the National Association of Realtors (NAR), there have been 4.149 million existing home sales year-to-date, down 2.9 percent from the 4.272 million homes sales at this same time in 2009.

In October of 2009, sales surged to a rate of 5.98 million units due to the approaching deadline of the initial first time buyer tax credit.

Lawrence Yun, NAR chief economist, said that we should expect recent sales pattern to continue. In the report he states, “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. 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.”

The national median existing-home price for all housing types was $170,500 in October, down 0.9 percent from October 2009. Distressed homes accounted for 34 percent of sales in October, compared with 35 percent in September and 30 percent of sales in October 2009.

NAR President Ron Phipps attributes the impact of the foreclosure process, an overly tight credit market, and a notable share of appraisals coming in below prices negotiated etween buyers and sellers.

A NAR survey showed that 10 percent of Realtors in October reported that they had a contract cancelled as a result of a low appraisal, 13 percent reported they had a contract delayed, and 16 percent said a contract had to be renegotiated to a lower sales price as a result of a low appraisal.

Total housing inventory at the end of October fell 3.4 percent to 3.86 million existing homes available for sale, which represents a 10.5-month supply at the current sales pace, down from a 10.6-month supply in September (not accounting for the “shadow” inventory).

First-time home buyers purchased 32 percent of homes in October, unchanged from September, but down from 50 percent a year ago during the initial surge for the first-time buyer tax credit.

Single-family home sales declined 2.0 percent to a seasonally adjusted annual rate of 3.89 million in October from 3.97 million in September. The median price for a single-family home was $171,100

Existing condominium and co-op sales fell 3.6 percent to a seasonally adjusted annual rate of 540,000 in October. The median price for an existing condo was $166,000.

Tags: NAR, housing inventory, single-family homes, median price, existing home sales, low interest rates, median home price, condominiums, co-ops, housing market

HOW LOANRATENETWORK
LOAN CENTER WORKS
FILL OUT THE FORM
It all starts here. Select the loan product you want to apply for and complete the subsequent questionnaire.
WE VERIFY & TRANSMIT TO LENDERS
Once we receive your completed questionnaire we verify a couple vital pieces of information and direct your information to our network of lenders, all within minutes.
REVIEW YOUR OFFERS
With offers in hand you can now compare rates and costs and get the best possible deal. Comparison shopping made easy. You fill out one form and lenders compete for your business.
CHOOSE YOUR LENDER
Congratulations! With the great learning tools we provide for you at LoanRateNetwork and the offers you have received, you've found the right product and the best rate.
ADVANTAGES OF USING
LOANRATENETWORK
FAST & EASY. DATA ENCRYPTED
Applying to multiple lenders is fast and easy with our one simple questionnaire. Choose the product you’re looking for, take a few moments to answer a few questions and you’re on your way to saving.
NO OBLIGATION. NO HIDDEN FEES
Any of the services on our website are 100% free, there is no obligation to use our services or any hidden fees. We’re not loan brokers so we don’t charge broker fees like other websites.
NO SSN OR CREDIT
CHECK
No SSN or credit check is necessary to use our services. We bring lenders to you so they can compete for your business and you save. That information only becomes necessary after you choose a lender.