NAR: Residential property sales up in October

The National Association of Realtors (NAR) reports that sales of existing single-family homes are up, showing the first gains on 2013 of this year. The new figures are the strongest the market has posted since September 2013, indicating the beginning of a rebound that could help flagging property sales across the country. Furthermore, it marks the second consecutive month of growth.

In September 2014, homes were sold at a rate of 5.18 million and in October, that figure rose to 5.26. As the holidays approach, the data might lead tentative homeowners to list their properties. Lawrence Yun, a chief economist at NAR, explained the growth further, according to Mortgage News Daily.

"Sales activity in October reached its highest annual pace of the year as buyers continue to be encouraged by interest rates at lows not seen since last summer, improving levels of inventory and stabilizing price growth," said Yun. "Furthermore, the job market has shown continued strength in the past six months."

In October, nearly a third of all sales were closed by first-time homebuyers, a number that has stabilized over the last four months. Twenty-seven percent of total sales were paid for in cash. 

However, not all news from the report was positive. In September, the average property sold after being listed on the market for 56 days: In October, sellers waited longer with an average market listing of 63 days. Inventory was also down 2.6 percent, indicating the lowest monthly supply of single-family residential properties since March of this year. At the current sales pace, the total number of homes on the market reflect a 5.1-month supply. 

NAR's stats reflect the potential real estate markets hope to capitalize on as agents and homeowners look ahead to 2015.