October existing home sales see ‘spectacular’ 26.6% annual increase

Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors.

The NAR’s chief economist, Lawrence Yun, called the annual increase “a spectacular gain.”

The annualized sales rate is the highest since February 2006. The highest pace ever was in 2005 at 7.1 million units.

The data reflect closed sales representing contracts signed in August and September .

“It’s quite amazing. Even if the home sales were to go down to 6 million, I would be happy,” said Yun. “The surge in sales in recent months has now offset the spring market losses. With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.”

Yun forecasts existing

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Existing home sales up 4.3% in October, fifth monthly gain

CHARLOTTE, N.C. – Sales of existing homes rose for a fifth straight month in October, reaching a level not seen since before the housing bubble popped 14 years ago.

The National Association of Realtors said Thursday existing homes sales rose 4.3% to an seasonally-adjusted rate of 6.85 million annualized units. Reflecting the searing-hot housing market, that figure is up 26.6% from a year earlier.

The 6.85 million figure is the highest for that data since February 2006 — the eve of when the housing market reached its apex and subsequently collapsed.

Realtors and housing market experts have said the housing market is in a different and healthier place than it was the last time sales were at these levels. With interest rates at near-record lows, mortgage rates have dropped to historically low levels. Also the pandemic has caused many families to seek out different living arrangements to reflect that many

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Existing home sales increase for the fifth month in a row

Existing home sales grew for the fifth consecutive month in October, up 4.3% from September to a seasonally adjusted annual rate of 6.85 million, according to a report from the National Association of Realtors on Thursday. Compared to last October, sales are up 26.6%.

“The surge in sales in recent months has now offset the spring market losses,” NAR Chief Economist Lawrence Yun said. “With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market’s growth to continue into 2021.”

Yun forecasts existing-home sales to rise by 10%, to 6 million in 2021. At the end of October, housing inventory totaled 1.42 million units, down 2.7% from September and down 19.8% from October 2019. Housing inventory is now at a record low of 2.5 months of supply.

Keller Williams Chief Economist Ruben Gonzalez said he expects

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Buyers Snap Up Existing US Homes In October Amid Sales Boom: Data

The US real estate boom remained unstoppable in October, according to data from an industry group, with the pace of existing home sales growing beyond expectations, tightening inventory and pushing prices up.

The report from the National Association of Realtors (NAR) indicated that the housing market remains one of the few bright spots in a rapidly darkening US economy beset by rising coronavirus cases and Congress’s continued failure to agree on a new stimulus measure.

Existing home sales rose 4.3 percent from September to an annualized rate of 6.85 million, seasonally adjusted, the NAR said, its highest level since November of 2005 and a 26.6 percent jump from a year-ago.

Buyers have been aided by low mortgage rates after the Federal Reserve slashed its benchmark lending rate to near-zero in March as the pandemic arrived.

“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels,

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U.S. existing home sales rise for fifth straight month

WASHINGTON, Nov 19 (Reuters) – U.S. home sales increased for a fifth straight month in October, but record-high house prices because of tight supply could slow momentum.

The National Association of Realtors said on Thursday that existing home sales increased 4.3% to a seasonally adjusted annual rate of 6.85 million units last month. Data for September was revised up to a rate of 6.57 million units from the previously reported 6.54 million units.

Economists polled by Reuters had forecast sales would fall 1.2% to a rate of 6.45 million units in October.

Existing home sales, which account for the bulk of U.S. home sales, jumped 26.6% on a year-on-year basis in October. Sales increased in all four regions last month and continued to be concentrated in the upper price end of the market.

The housing market is being driven by record low mortgage rates. The COVID-19 pandemic, which has seen

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October existing home sales see ‘spectacular’ 26.6% annual gain even with short supply and surging prices

  • Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually.
  • There were 1.42 million existing homes on the market at the end of October, a 19.8% drop compared with October 2019. At the current sales pace, that represents a 2.5-month supply, the lowest on record.
  • The median price of an existing home sold in October was $313,000, up 15.5% annually. That is the highest median price on record and reflects the far stronger sales on the higher end of the market.



a person that is standing in the living room: Prospective homebuyers view a bedroom while touring a house for sale in Helotes, Texas.


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Prospective homebuyers view a bedroom while touring a house for sale in Helotes, Texas.

Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors.

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The NAR’s chief economist, Lawrence Yun,

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Philadelphia’s affordable housing strategy depends on repairing existing homes

Belinda Eldridge has been living in her South Philadelphia home for 48 years. For the last three, she’s known something was wrong with the wiring. Her lights dimmed, appliances periodically stopped working, and, sometimes, electrical outlets spit sparks.

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Roof leaks damaged her ceilings. Every time it rained, Eldridge, 69, was afraid to look down into her basement and confront the flooding there from cracked pipes. Her husband had been able to fix some things around the house, but he died eight years ago.

“I just couldn’t afford all the repairs I knew I needed,” Eldridge said. “There are other people just like me feeling like I did that they don’t want to leave their homes, but they can’t afford to get the work done.”

So a few years ago, she applied for a home repair grant. And this year, she got a new roof, plumbing, and electrical work.

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September existing home sales jump 9.4%, but ‘prices are rising too fast’ as supply remains tight

  • The median price of an existing home sold in September was $311,800, a 14.8% gain compared with September 2019.
  • The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply.
  • That is the lowest since the Realtors began tracking this metric in 1982.



a person and a dog walking on a street: Pedestrians walk past a home with a


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Pedestrians walk past a home with a

Sales of existing homes rose a higher-than-expected 9.4% in September to a seasonally adjusted annualized rate of 6.54 million units, according to the National Association of Realtors. Sales were up 20.9% annually.

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Sales could be more robust if there were more homes available. The inventory of homes for sale fell 19.2% annually to just 1.47 million homes for sale at the end of September. At the current sales pace that represents a 2.7-month supply.

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September existing home sales climb 9.4%, highest since ’06

CHARLOTTE, N.C. (AP) — Sales of existing homes climbed 9.4% in September, the National Association of Realtors said Thursday, the latest sign that the housing market remains red hot despite the coronavirus pandemic.



In this Friday, Sept. 25, 2020 photo, a "sale pending" sign is posted on.a home in Westfield, Ind. Sales of existing homes climbed 9.4% in September, the National Association of Realtors said Thursday, the latest sign that the housing market remains red hot despite the coronavirus pandemic. On a seasonally-adjusted rate, the selling pace of existing homes climbed to 6.54 million annualized units. That is the highest level for that metric since February 2006, at the peak of the previous housing bubble. (AP Photo/Michael Conroy)


© Provided by Associated Press
In this Friday, Sept. 25, 2020 photo, a “sale pending” sign is posted on.a home in Westfield, Ind. Sales of existing homes climbed 9.4% in September, the National Association of Realtors said Thursday, the latest sign that the housing market remains red hot despite the coronavirus pandemic. On a seasonally-adjusted rate, the selling pace of existing homes climbed to 6.54 million annualized units. That is the highest level for that metric since February 2006, at the peak of the previous housing bubble. (AP Photo/Michael Conroy)

On a seasonally-adjusted rate, the selling pace of existing homes climbed to 6.54 million annualized units. That is the highest level for that metric since February 2006,

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US existing home sales spike to fastest rate since 2006 as housing-market boom accelerates further


  • Sales of previously owned homes leaped 9.4% in September to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors announced Thursday.
  • The reading marks the fourth-straight month of accelerating sales, and the latest rate is the fastest since 2006.
  • Economists surveyed by Bloomberg expected the sales rate to climb to 6.3 million from August’s revised 5.98 million.
  • The US housing market has served as a bright spot in the slowing economic recovery as record-low mortgage rates drive more Americans to buy units.

Existing-home sales in the US beat expectations in September as historically low mortgage rates further fueled the housing market’s rally.

Sales surged 9.4% to a seasonally adjusted annual rate of 6.54 million last month, the National Association of Realtors announced Thursday. That pace is the fastest since 2006 and comes after four consecutive months of acceleration in

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