Existing-home sales soar despite record-low inventory

Despite the pandemic, Americans are putting in offers on homes in droves.


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The numbers: Existing-home sales rose for the fifth consecutive month in October, as the housing market finally made up for the pandemic-related downturn in sales this spring.

Total existing-home sales increased 4.3% from September to a seasonally-adjusted annual rate of 6.85 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up roughly 27%. It was the highest level of home sales in 15 years.

“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” Lawrence Yun, the trade group’s chief economist, said in the report. “The surge in sales in recent months has now offset the spring market losses.”

Economists polled by MarketWatch had projected existing-home sales
to rise to a median rate of 6.5

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Existing-Home Sales Soar 9.4% to 6.5 Million in September

Existing-Home Sales Soar 9.4% to 6.5 Million in September

PR Newswire

WASHINGTON, Oct. 22, 2020

Key Highlights

– Existing-home sales grew for the fourth consecutive month in September to a seasonally-adjusted annual rate of 6.54 million – up 9.4% from the prior month and nearly 21% from one year ago.

– The median existing-home price was $311,800, almost 15% more than in September 2019. Total housing inventory declined from the prior month and one year ago to 1.47 million, enough to last 2.7 months – a record low – at the current sales pace.

– More than 7 in 10 homes sold in September 2020 – 71% – were on the market for less than a month.

WASHINGTON, Oct. 22, 2020 /PRNewswire/ — Existing-home sales grew for the fourth consecutive month in September, according to the National Association of Realtors®. Each of the four major regions

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Existing-Home Sales Continue Epic Surge

Investors looking for a Halloween treat could find the housing market especially tricky right now. The National Association of Realtors (NAR) reported today that September sales of existing homes were up 9.4% from last month and nearly 21% from last year.

The NAR said typical time on market hit a record low of 21 days, and the median price for all housing types — including single-family, condos, and co-ops — has now risen for 103 straight months, reaching $311,800 last month, up 14.8% from $271,500 in September 2019.

That price hike is being driven by short supply. Unsold inventory fell to 2.7 months in September after sitting at 3.0 months in August and 4.0 months in September 2019. Increased ability to work from home plays a role as well.

All this is happening, plus uber-low interest rates. In fact, Freddie Mac (OTCM: FMCC) said today that the average for a

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