Real Estate Market Continues to Recover

Below are excerpts from a recent article in the Bloomberg News that further support the position that the real estate market is getting stronger. Click on this Bloomberg Article Link to read the whole thing.

"Existing homes sold at a 5.26 million annual pace in October, the most since September 2013, the National Association of Realtors reported on November 20. Purchases of previously owned U.S. homes last month climbed 1.5 percent from a revised 5.18 million pace in September, the real-estate agents’ group said. It was the fifth consecutive month that the sales pace topped 5 million. Prices also climbed, the group said."

“This is much healthier than we’ve seen over the last year or so,” said Scott Brown, chief economist at Raymond James & Associates in St. Petersburg, Florida, who projected a 5.25 million pace of sales. “We’re still a long way from recovery, but we’re on our way.”

"The median forecast in a Bloomberg survey of 78 economists called for a 5.15 million pace of resales, with estimates ranging from 5.05 million to 5.27 million. September’s figure was revised from a previously reported 5.17 million."

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