The National Association of Realtors (NAR) tells MHProNews that sales of existing homes in September rose 4.7 percent to a seasonally adjusted annual rate (SAAR) of 5.55 million, up from 5.3 million in August, according to thehill, hitting their second highest pace in eight years. Compared to a year ago sales have increased 8.8 percent. NAR Chief Economist Lawrence Yun said, “While current price growth around 6 percent is still roughly double the pace of wages, affordability has slightly improved since the spring and is helping to keep demand at a strong and sustained pace.”

In September, the median existing-home price for all housing types was $221,900, 6.1 percent above the September 2014 price of $209,100. The Federal Housing Finance Agency (FHFA) reported that home prices in August rose 0.3 percent from July.

“Despite persistent inventory shortages, the housing market has made great strides this year, backed by an increasing share of pent-up sellers realizing the increased equity they’ve gained from rising home prices and using it towards trading up or moving into a smaller home,” Yun said.

One drawback: First-time home buyers who historically make up 40 percent of sales continue to be in short supply. They comprised only 29 percent of September sales, down from 32 percent in August.

All four regions of the country saw home sales rise. They increased 8.6 percent in the Northeast, 6.7 percent in the West, 3.8 percent in the South and 2.3 percent in the Midwest. ##

(Photo credit: mattheafey)

Article submitted by Matthew J. Silver to Daily Business News-MHProNews.