Existing home sales are continuing to maintain a positive increase in September. The seasonally adjusted rate is up 9.4% from last month and 21% from one year ago, making a rate of 6.54 million. While all four regions are experiencing growth, the Northeast is showing the highest increase.
Lawrence Yun, NAR’s chief economist, explains, “home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season.” Yun believes that this activity is due to “record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”
Along with the existing home sales, the median existing-home price has been experiencing growth in every region. September’s median price is up 14.8% from September 2019, raising the price to $311,800. This month’s increase results in 103 straight months of year-over-year gains.
Information provided by NAR – View Original Article Here
Existing-Home Sales Soar 9.4% to 6.5 Million in September. (2020, October 22). Retrieved October 29, 2020, from https://www.nar.realtor/newsroom/existing-home-sales-soar-9-4-to-6-5-million-in-september