If you are a Black Hills home owner and are on the fence about selling your home, then you should know that for the month of October existing-home sales reached a yearly high. The sale of existing homes across the nation rose in October to a yearly high according to a recent report by the National Association of Realtors (NAR). Total existing-home sales increased by 1.5 percent to a seasonally adjusted rate of 5.26 million in October, which is up 2.5 percent over this time a year ago. This marks the highest pace of an increase we have seen since September 2013.
While existing home sales were increasing, the number of homes on the market fell by 2.6 percent. This makes now the perfect time to sell your Black Hills home. The median price of homes across the United States rose by 5.5 percent in October. This marked the 32nd consecutive month of year-over-year price gains.
“Sales activity in October reached its 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,” said NAR chief economist Lawrence Yun. “Furthermore, the job market has shown continued strength in the past six months. This bodes well for solid demand to close out the year and the likelihood of additional months of year-over-year sales increases.”
With mortgage rates reaching their lowest levels in more than a year, it comes as no surprise that home sales have increased.
We would love to help you sell your Black Hills home this holiday season. The number one reason to list during the holidays … buyers who are looking for new homes during the holidays tend to be more serious about finding a Black Hills home!
I am a local expert in the Black Hills region and can help you sell your Black Hills home. Call me, Jim Peterson, at (605) 574-4444 or email me to discuss how I can help you with all your real estate needs. Our expertise in the Black Hills or Rapid City markets will ensure you a stress-free experience in selling your Black Hills Home. My office is in the heart of Hill City and as a tourist spot, restrooms are hard to find – mine are always open for your convenience!
Jim Peterson Integrity Realty 