Sales of existing homes in the U.S. picked up in October, reaching their strongest rate since January as competition for the few properties in the market pushed prices higher.
Source: National Association of Realtors
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Existing home sales increased by 0.8% the previous month from September to a seasonally-adjusted annual pace of 6.34 million units. That was stronger than the 6.18 million units anticipated by economists.
Sales dropped 5.8% from October 2020, when they rose to record-highs after a summer and fall surge as buyers come back into the market.
Lawrence Yun, NAR’s chief economist, stated that home sales remain resilient, irrespective of low inventory and increasing affordability problems.
Yun further stated that inflationary pressures such as increasing consumer prices might have some prospective buyers seeking to protect a fixed, consistent mortgage payment.
The average home price increased to $353,900, a 13.1% increase from October last year.