The National Association of Realtors is reporting that existing home sales jumped 9.4% in September to a seasonally-adjusted annual rate of 6.54 million (up 20.9% from one year ago). Total housing inventory at the end of September was 1.47 million units, down 1.3% from August and down 19.2% from one year ago. Total unsold inventory was at a 2.7-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 $311,800, up 14.8% from September, 2019.
“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 Lawrence Yun, NAR’s chief economist. “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.”