Real estate analysts were sensing a potential cooling of the market last month, but on Thursday the NAR reported that sales are up again.
September was the 12th consecutive month to see year-over-year growth. Existing home-sales, which included sales of single-family homes, townhomes, condominiums, and co-ops, rose 4.7percent to from August, reaching 5.55 million, making it the second-highest peak since February 2007.
At the same time, inventory went down. “Maybe it’s counterintuitive—how can there be more sales when there’s less inventory?” Realtor.com writes. “It’s all that pent-up demand. Unfortunately for first-time buyers, all that competition has driven house prices up; you’re more likely to buy a home if you already have one.”