Residential sales, building permits increase in October
Posted on Tuesday, November 26, 2013 at 9:14:34 AM
As affordable residential financing rates appear to be encouraging buyers to enter the housing market, the amount of both building permits and residential sales are on the rise.
According to recent data from RealtyTrac, the number of sales - including single family homes, condominiums and townhomes - increased 2 percent from September to October. Overall, a total of 5,649,965 properties were sold during that time.
It also appears that more borrowers are managing their residential financing better, based on RealtyTrac data. For example, short sales accounted for more than 6 percent of all sales in September, but by October that figure had dropped to only 5.3 percent - also down from 11.2 percent during the same time in 2012.
Daren Blomquist, vice president at RealtyTrac, said in a statement that distressed properties are shifting more toward foreclosure auctions and bank-owned sales, instead of short sales.
In addition, new residential construction has also seen some positive trends, according to the U.S. Department of Housing and Urban Development. Building permits were 6.2 percent higher in October than they were the month before, and 13.9 percent higher on a year-over-year level.