The National
Association of Realtors (NAR) announced on Thursday that the U.S. existing home
sales surged 9.4 percent m-o-m to a seasonally adjusted rate of 6.54 million in
September from a revised 5.98 million in August (originally 6.00 million). That
was the highest reading since May 2006.
Economists had
forecast home resales increasing to a 6.30 million-unit pace last month.
In y-o-y terms,
existing-home sales jumped 20.9 percent in September.
According to
the report, each of the four major regions experienced both m-o-m and y-o-y
growth. Single-family home sales stood at 5.87 million in September, up 9.7 7
percent m-o-m from 5.35 million in August, and up 21.8 7 percent from one year
ago. The median existing single-family home price was $316,200 in September, up
15.2 7 percent from September 2019. Meanwhile, existing condominium and co-op
sales were recorded at a seasonally-adjusted annual rate of 670,000 units in
September, up 6.3 percent m-o-m from August and up 13.6 percent from one year
ago. The median existing condo price was $272,700 in September, an increase of
9.9 percent from a year ago.
"Home
sales traditionally taper off toward the end of the year, but in September they
surged beyond what we normally see during this season," noted 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."
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