Home | Newsletter | Advertise
loading...

October Surprise: Home Sales Jump 10.4 Percent

  • December 2nd 2010

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

October Surprise: Home Sales Jump 10.4 Percent: Figure 1

The National Association of Realtors (NAR) announced earlier today that home sales unexpectedly rose 10.4 percent in October. The Wall Street Journal reported that economists surveyed by Dow Jones had expected sales would actually drop 1.5 percent.

The Midwest saw the largest increase with pending sales up just over 27 percent between September and October. The DC area is included in the South region where sales rose 7.1 percent. Recall that pending sales represent signed contracts, not closed sales, but it is a leading indicator of the direction actual home sales will go in the coming months.

As has been the case in recent months, the continued increase of sales is largely contingent on two things: the national economy and job market. From NAR chief economist Lawrence Yun:

“It is welcoming to see a solid double-digit percentage gain, but activity needs to improve further to reach healthy, sustainable levels. The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will help the recovery process going into 2011.”

See other articles related to: dc home and condo prices, housing reports

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/october_surprise_home_sales_jump_10.4_percent/2727.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse