Sales of existing homes in October hit the fastest pace since January

Sales of previously occupied homes in the United States rose in October, marking their highest pace since January even as competition for relatively few properties in the market pushed prices up.

Existing home sales rose 0.8% last month from September to a seasonally adjusted annual rate of 6.34 million units, the National Association of Realtors said on Monday. It was stronger than the 6.18 million units economists were expecting, according to FactSet.

Sales fell 5.8% from October last year, when they peaked after a summer and fall surge as buyers who had held back during the early days of the pandemic backed down. Marlet.

“It looks like the housing market remains strong, resilient and you could even say it’s had something like a mini surge, not the big one we saw last year,” said Lawrence Yun, chief economist. of the NAR.

Continued job growth, a stock market at record highs and rising, but still historically low mortgage rates are helping to boost home sales, Yun said.

The median home price jumped to $ 353,900, a 13.1% increase from October last year.

Homes continue to sell for a few days after they go on sale. The homes typically stayed on the market for 18 days before they were bought last month. This follows a six-month streak of homes typically selling after 17 days on the market. In a more balanced market between buyers and sellers, homes typically stay on the market for 45 days.

At the end of October, the stock of unsold homes stood at just 1.25 million homes for sale, down 12% from a year ago. At the current pace of sales, that equates to a 2.4-month supply, the NAR said.

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