More Good News for the Housing Market

More good news for the National Housing Market.  Existing sales rose to a rate of 4.79 million annually, according to the Nation Association of Realtors.  This is an increase of 11% year-over-year.  Sales in resale homes nationwide rose, despite the tragedy of Hurricane Sandy, during the month of October.
The demand is driven by the continuing high demand for housing and an abnormal low amount of inventory.   For the sixth month in a row, buyers continue to be excited by low mortgage rates and an overall feeling that the housing market is has seen it’s darkest days. 
The popularity of such ideology has caused home prices to continue to inch up.  According to the S&P/Case-Shiller home price index, the “average home price in 20 major cities edged up 0.9% in August, according to the most recent figures from the.” 
San Diego’s housing market continues to track national average.  For the sixth month in a row, low inventory challenges buyers and inches prices up.  Many people in San Diego are considering San Diego’s Housing Market to be more of a seller’s market than a buyers market.
Hold onto your bootstraps as we end the year and look forward to a new housing market of 2013!  I’m excited to see what is in store!
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