Last week provided new signs that the real estate market and overall economy are stabilizing. When it came to real estate, the National Association of Realtors (NAR) reported that existing-home sales increased 2 percent in October, exceeding economists’ expectations.
Not only was this the second consecutive month of gains, but home sales are now at the highest level since February 2007. Lawrence Yun, the NAR’s chief economist, said that because sales were up on an annual basis in all four regions of the country, October’s sales results point to a “broad-based” housing recovery.
When it comes to new homes, the news is also encouraging. According to the Commerce Department, single-family and multifamily housing starts increased 25.5 percent in October, and building permits also edged up. Consequently, homebuilder sentiment held at an elevated level in the National Association of Home Builders’ most recent report.
In addition, stocks have closed at all-time highs, signaling increased confidence in the overall U.S. economy. Last Monday, the Dow Jones industrial average, the Standard & Poor’s 500, Nasdaq composite and Russell 2000 indexes all closed at all-time highs. This is the first time since 1999 that all four major U.S. indexes closed at record highs on same day.
Don’t delay your move because you think the market isn’t good! Call me to discuss your needs and what your market is doing. Then you can decide what’s best for you.
