October Home Sales Prove Economists Wrong

Economists predicted October home sales to drop at least 3%, and, considering the current state of the economy, it wasn’t really hard to believe them. Well, I am happy to report that the economists were wrong in their predictions, and October home sales were relatively strong, falling only 1% from last year’s numbers and less than 1% from September’s numbers. CNN Money published an article on Tuesday giving specific details about October’s sales and more predictions about the future of the housing market. I would recommend you taking the time to read it in detail because it may be the most positive real estate-related news story in a while. It is inspiring to know that despite the unstable stock market, the rising unemployment and the freeze on credit, home sales can remain steady.

Considering the conditions of the housing market, it makes perfect sense that there are still enough buyers to maintain the numbers. Builders are discounting homes like crazy and offering appealing incentives; there is the first time homebuyer tax credit also to take into consideration; not to mention, interest rates are reaching record lows. The conditions for purchasing a home have never been better, and the buyers know it.