The country saw existing home sales rebound nicely in September. All four regions experienced gains over the last month. The median house price in The United States increased to $221,900 which is 6.1% higher than this time last year. Lawrence Yun (http://www.realtor.org/bios/lawrence-yun), NAR’s cheif economist gives a lot of the credit to the still low interest rates. According to Freddie Mac the average rate for a loan with a 30 year term is still under 4%. Yun also believes that lender’s are loosening up on their underwriting process, making it a bit easier for people to obtain mortgages.
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See Yun’s full interview on Existing Home Sales in September:
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