October brought more encouraging news to the housing market, as the pace of home sales rose by over 2%, up 11% from last year. This despite the destruction from Hurricane Sandy. The actual number, 4.79 million, was higher than predicted. Lawrence Yun, chief economist for the National Association of Realtors commented that, “the market is being driven by growing demand with limited inventory.”
The long-term impact from Sandy is not known yet, but may be a factor going forward, particularly in the northeast. Low mortgage rates continue to be a big draw for homebuyers, with many rushing to make decisions before the end of the year, with the unknown outcome of the fiscal cliff.
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