The following is a brief excerpt from a press conference with Lawerence Yun, Chief Economist for the National Association of Realtors. Check back for sales activity reports specific to Montgomery and Bucks Counties.
Sales Decline Following Two Monthly Gains Existing-home sales retreated in October on the heels of two strong monthly gains, according to the National Association of Realtors. Existing-home sales declined 2.2 percent to a seasonally adjusted annual rate of 4.43 million in October from 4.53 million in September, and are 25.9 percent below the 5.98 million-unit level in October 2009, when sales were surging prior to the initial deadline for the first-time buyer tax credit. "The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales," says NAR Chief Economist Lawrence Yun. "Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels.”
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