The U.S. Census Bureau and the U.S. Department of Housing & Urban Development (HUD) published their latest monthly data and the results are significant. Home sales -in the Northeastern United States specifically- are soaring at a rate not seen in over five years. In this region, sales jumped by an unprecenented 135% for the month of October. Along with slight boosts in the Midwest and South as well, the country as a whole saw sales jump 10.7% from September, and up 4.9% from this time last year.
The median sales price for houses sold nationwide last month was $281,500, about 20% higher than the median sales price in both New Hampshire ($220,000) and Massachusetts ($219,000). While current home sales still remain below the 50-year historical average, it's clear that the market continues to rebound dramatically from the 2008 financial crisis.
Most analysts believe that continued low mortgage rates, along with the assumption that the Federal Reserve will increase rates for the first time on almost ten years when they meet in December, contributed the strong numbers for October. It's likely that when the November numbers are published, sales will show another steady increase prior to the Fed's meeting.