The National Association of Realtors is reporting that existing home sales jumped 4.3% in October to a seasonally-adjusted annual rate of 6.85 million (up 26.6% from one year ago). Total housing inventory at the end of October was 1.42 million units, down 2.7% from September and down 19.8% from one year ago. Unsold inventory sits at an all-time low 2.5-month supply at the current sales pace with properties remaining on the market for around 21 days. The median existing-home price for all housing types was $317,700, up 16% from October, 2019
“The surge in sales in recent months has now offset the spring market losses…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% to 6 million in 2021.” Said Lawrence Yun, the NAR’s chief economist.