The housing market remains strong this fall, and it’s poised to remain that way for the rest of the year, notes Jonathan Smoke, realtor.com®’s chief
economist. Still, the economy and housing inventory woes may present some challenges in the months ahead.
Total home sales for this year through September have increased 4 percent compared to the same time period in 2015. Existing-home sales are up 3 percent, and new-home sales have surged 13 percent.
“The new-home market is gaining momentum as the existing-home market struggles with very low levels of inventory,” Smoke says. “As a result, new homes represent 10 percent of home sales now; a year ago, they represented only 8 percent.”