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Existing Home Sales Highest Since 2006

Posted by Amanda Hicks on Wednesday, December 27th, 2017 at 5:06pm.

 

Need another reason to sell your home? Home sales gains are the highest in a decade, according to the National Association of Realtors.

For the third month in a row, home sales are on the rise in all major regional areas on the east coast of the country, like Palm Beach County.

Home sales increased 5.6% last month to a seasonally adjusted annual rate of 5.81 million. Sales now are 3.8% higher than a year ago and in the strongest place since December 2006.

Lawrence Yun, a chief economist at the NAR, says “Faster economic growth in recent quarters, the booming stock market, and continuous job gains are fueling substantial demand for buying a home as the 2017 comes to an end.” He also says the odds of closing on a home are much better at the upper end of the market- where inventory conditions continue to be markedly better, as move-up buyers are making considerable down payments, and an increased share of cash buyers.

Now is a great time to sell; in November 40% of properties remained on the market for less than a month. The average time was just 40 days. Search Waterfront Properties listing agents here.

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