September Existing-Home Sales Skyrocket
Existing-home sales continued surge in September, but the demand is outweighing the supply. Sales jumped 9.4%, according to the National Association of Realtors. Each of the four regions also saw increases month to month and year to 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 NAR Chief Economist Lawrence Yun in a release. "I would attribute this jump 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."
Existing-home sales are also ahead of September 2019 by nearly 21%. The median sale price was $311,800, which is up nearly 15% from last year. This is also the 103rd straight month with year-over-year increases.
Despite the continued rise in sales, housing inventory was down 1.3% to 1.47 million units or a 2.7-month supply. This is the fewest number of units on the market since NAR began tracking in 1982, according to Reuters, which stated economists predicted a 5% climb in September sales.
-Michael Miller, managing editor