Home Sales Rose in October, , on Track for Best Year Since 2006.
The National Association of Realtors reports October saw an 0.8% increase in sales of previously-owned homes.
But they were still 5.8% lower than the same time last year.
CNBC reports realtors are optimistic that full-year sales will surpass 6 million units, which would top the most sales since 2006.
Sales remain very strong and I would attribute that to continuing job additions, Lawrence Yun, chief economist for the National Association of Realtors, via CNBC.
Investors are also entering the market at a rapid rate.
According to CNBC, they accounted for 17% of buyers in October, up from 14% during the same time period in 2020.
29% of first-time homebuyers contributed to sales as opposed to 32% last year.
CNBC reports that as of Nov.
19, the average 30-year fixed mortgage rate was 3.16%