The National Association of Realtors (NAR) reported that existing-home sales rose 4.7 percent in September, and have now increased year-over-year for 12 consecutive months. All four major regions experienced sales gains in September.
According to Lawrence Yun, NAR chief economist, September’s increase can be attributed to a slight moderation in home prices in some markets and mortgage rates below 4 percent. “September home sales bounced back solidly after slowing in August and are now at their second highest pace since February 2007,” he said.
NAR also announced that its president, Chris Polychron, recently testified before the U.S. House Financial Services Subcommittee on Housing and Insurance in support of H.R. 3700, the “Housing Opportunity Through Modernization Act of 2015.” The legislation includes provisions intended to help expand housing opportunities in the marketplace, including measures that would reform current Federal Housing Administration restrictions on condominium financing.
Said Polychron, “This bill helps expand homeownership and rental housing opportunities at all levels and specifically includes changes to Federal Housing Administration policies that limit the flexible and affordable financing needed by many potential condo buyers – especially first-time buyers.”
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