Sales of existing U.S. homes soared 9.4% in September, up nearly 21% from one year ago, the National Association of Realtors reported Thursday, as the pandemic has prompted Americans to opt for detached homes with large yards over living in crowded urban areas.
September marks the fourth consecutive month that existing home sales have increased this year.
“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR’s chief economist, when releasing the report.
The median existing-home price for all housing types in September was $311,800, up 14.8% from September 2019.
While prices increased, the time a home was on the market shrank. The usual time a home sat unsold decreased in September, as 71% of homes sold within less than a month.
Properties typically remained on the market for 21 days in