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National home sales climbed higher in September, thanks in part to an increase in home purchases by first-time home buyers, who saw their share of sales climb to 34 percent last month, the National Association of REALTORS® (NAR) reported Thursday.
Nationally, home sales rose 3.2 percent compared to last month and are up 0.6 percent compared to September 2015. While Illinois prices were up, home sales were down slightly, a decline of 0.6 percent annually.
“The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale,” said NAR Chief Economist Lawrence Yun. “Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month.”
In other headlines:
Top Tips for the Coming Tsunami of First-Time Home Buyers – realtor.com
Internet & Real Estate Agents: Some Things Change, Others Remain the Same – NAR Economists’ Outlook blog
Mortgage Rates Highest in Four Months, Still Near Record Lows – Freddie Mac
