Purchases advanced 2.4 percent to a 5.17 million annual rate, the National Association of Realtors reported today in Washington. Demand was up 1.9 percent compared with the same month last year before adjusting for seasonal patterns.
Americans are returning to the real-estate market as employers have added 2 million workers to payrolls so far this year. Sales stand to get an additional boost in the final months of 2014 as the drop in mortgage rates caused by slowing growth in Europe and emerging nations makes properties more affordable for first-time buyers.
The decline in borrowing costs “is encouraging for the housing market recovery,” said Brittany Baumann, an economist at Credit Agricole CIB in New York, who projected sales would rise last month. “We see upward trajectory over the next few months, but it’s going to take further strengthening in the job market, low mortgage rates, and a special importance on easing of mortgage lending standards.”
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