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National Wave of Existing Home Sales

A tidal wave of existing home sales flooded the nation’s housing market last month, pooling to a decade-high pace, according to data from the National Association of REALTORS (NAR). Total existing home sales, including single-family, condominiums and townhomes, grew 2.0 percent to a seasonally adjusted annual rate of 5.60 million in October, up from 5.49 million in September. October’s sales pace was 5.9 percent above a year ago and surpassed June’s 5.57 million as the highest since February 2007 (5.7 million). “October’s strong sales gain was widespread thoughout the country and can be attributed to the release of the unrealized pent-up demand that has held back many would-be buyers obe the summer because of tight supply,” said Lawrence Yun, chief economist at NAR. “Buyers bought in record numbers despite low inventory and prices that have continued to rise. This October’s national homebuying flourish is, of course, important to the Naples Market in that sellers’ now have generally sizeable sums of money to assist in making that “Florida dream home” goal more of a reality. The national median price for existing homes was also higher than a year ago, up 6.0 percent at $232,200 versus one year ago. Southwest Florida home sellers should be expecting a strong sales season as we head into the winter!

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