ONLINE BANKING
Access ID:
Pay Online Button
Apply Now Button

Existing-home sales decline across the U.S.

Posted on Monday, October 21, 2013 at 10:30:37 AM

Homebuyers with residential financing in today's housing market appear to be leaning toward other options, as existing-home sales were on the way down in September, but prices continued to rise. This occurred amid the many fluctuating conditions in the U.S. 

A smaller inventory of single-family homes, townhomes, condominiums and co-ops have caused prices to rise, according to recent data from the National Association of Realtors. In total, existing-home sales declined 1.9 percent to a seasonally adjusted annual rate of only 5.29 million units.

While that does represent a monthly drop - August's figure was revised to 5.39 million - the recent month's sales were still up on a year-over-year basis, NAR reported. Unsold inventory of existing homes rose from August to September, up 1.8 percent from the same time last year.

Residential financing is a great way for some people to afford their dream homes, but some are taking a unique approach to the housing market, possibly factoring into the changing sales figures. 

For some, renting is a better option than selling, according to a USA Today survey. Single-family homes for rent are on the rise, and the media outlet found that as much as a fifth of all occupied homes were rentals in many major metro areas. This may be caused by the housing boom and strong demand, among other factors.