Existing Home Sales Increase In October

Existing home sales climbed for the fifth straight month in the United States in October, with all regions of the country experiencing growth, according to a monthly report released Thursday by the National Association of Realtors.

Sales were up 4.3 percent from September and 26.6 percent from October 2019 – and they were selling quickly. The report found that 72 percent of homes sold last month were on the market for less than 30 days.

“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,” said Lawrence Yun, NAR’s chief economist. 

“The surge in sales in recent months has now offset the spring market losses,” he 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 percent to 6 million in 2021.

The report found that the existing-home price for all housing types in October was $313,000, up 15.5 percent from October 2019 ($271,100), as prices increased in every region. October’s national price increase marks 104 straight months of year-over-year gains.