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Sales Surge; FTHBs at 4-Year High; Rates at 2-Week Low; More Refis and Longer Turn Times

Sales Surge; FTHBs at 4-Year High; Rates at 2-Week Low; More Refis and Longer Turn Times

There is a lot of upbeat news in the September existing home sales report released by the National Association of Realtors® (NAR) on Thursday. Sales rebounded sharply and the improvement was seen in all four regions . More good news, NAR attributed part of that to increased participation from first-time homebuyers, a group that has worried the housing industry by its relative absence. Total existing home sales during the month, including single-family homes, townhomes, condos, and co-ops, rose 3.2 percent to a seasonally adjusted annual rate of 5.47 million. First-time buyers accounted for 34 percent of sales, the highest portion in more than four years. The report left analysts' estimates in the dust. Those polled by Econoday had predicted sales in a range of 5.25 to 5.45 million with
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