More people closed on a Gulf Shores home or condo last month, with sales of existing Gulf Shores homes rising to the highest level since September 2013.
Gulf Shores Home Sales Mirror National Numbers
The same trend that Gulf Shores home sales are seeing holds true across most of the rest of the country as well. The National Association of Realtors says existing home sales rose 1.5 percent to an annual pace of 5.26 million. Sales were also higher than year-ago levels for the first time in a year.
NAR chief economist Lawrence Yun says, "Sales activity reached the 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."
The median price of an existing home that sold nationwide was up 5.5 percent from a year ago, the 32nd consecutive month of year-over-year price gains.
Foreclosure and short sales were down 9 percent from a year ago. Just 7 percent of all October sales were foreclosures and just 2 percent were short sales. Condo and co-op sales posted the biggest monthly gains, up 3.3 percent from September.
The median price for an existing home in October was $208,300, 5.5 percent higher than it was a year ago.
Get more timely information about Gulf Shores home sales and news affecting mortgage rates and sales in our section on Gulf Shores Real Estate News to the right under Gulf Shores Real Estate Categories.
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