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The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Existing Home Sales Hit Highest Pace Since Summer Months

Existing home sales increased in October, hitting their highest pace since earlier this summer, however, sales are still down year-over-year, according to the latest report from the National Association of Realtors.

Total existing home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2% to a seasonally adjusted annual rate of 5.48 million in October. This is down from a downwardly revised 5.37 million in September.

This increase marks the strongest pace of sales since June’s 5.51 million, however, it is still down 0.9% from last year, marking the second consecutive month of annual declines.

“Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home,” NAR Chief Economist Lawrence

Yun said. “While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated.”

Yun explained that while Hurricanes Harvey and Irma are still creating a pull on home sales in Texas and Florida, sales should completely bounce back to their normal levels by next year.

“It has been an eventful past couple months as the housing market has absorbed and bounced back from a string of deadly and destructive storms,” Zillow Chief Economist Svenja Gudell said. “But late-summer action aside, the housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so: Demand is high, inventory is low and nothing short of a dramatic shock – which nobody expects – seems likely to knock it off that track.”

The median existing home price for all housing types in October increased 5.5% from last year’s $234,100 to $247,000 in October this year. This marks the 68th straight month of year-over-year gains.

For the complete article, please see the original article on HousingWire.com, by clicking HERE.

About The Real Estate Group

The Real Estate Group (TREG) “Partners in Excellence”

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.