Existing Home sales are maintaining the upward trend for October, pushing five months of gains from month to month. This increase rose completed sales by 4.3% to a seasonally adjusted rate of 6.85 million. Compared to October 2019, this is a 26.6% growth for closed transactions of single-family homes, townhomes, condominiums, and co-ops.
Although the uncertainty of the COVID-19 pandemic has hindered markets across the charts, NAR’s Lawrence Yun remains hopeful for what we will see in 2021. Yun states, “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.” Further projecting existing-home sales to rise another 10% next year.
Lastly, following the trend, the median existing-home price saw an increase as well. From October 2019 to 2020 the median sales price rose 15.5% from $271,100 to $313,000. And to maintain these increasing numbers, the market needs to start to see an increase in total housing inventory. Inventory is down 2.7% from September and 19.8% from one year ago.
Information provided by NAR – View Original Article Here
References: Existing-Home Sales Jump 4.3% to 6.85 Million in October. (2020, November 19). Retrieved December 09, 2020, from https://www.nar.realtor/newsroom/existing-home-sales-jump-4-3-to-6-85-million-in-october
Written By: Haley McCarty