The National Association of Realtors (NAR) recently released its Existing Home Sales report—discovering that October 2017 reported the strongest pace since June, but low supply continues to lead to fewer closings on an annual basis for the second month in a row.
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Amidst the ongoing narrative of supply shortages, the report found that total existing-home sales increased by 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from 5.37 million in September.
According to NAR’s Chief Economist Lawrence Yun, this slight increase is attributed to job growth, which in most of the country continues to carry on at a robust level and is starting to slowly push up wages—giving households added assurance…
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