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)