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Home Sales Defy Expectations, Crushing Another 14 Year Record

Thursday, November 19, 2020

The hot home sales market continued unabated in October. The National Association of Realtors® (NAR) reports that existing home sales grew for the fifth consecutive month and 72 percent of homes that sold were on the market for less than a month. Single-family houses, townhouses, condos, and cooperative apartments sold in October at a seasonally adjusted annual rate of 6.85 million units. This was an increase of 4.3 percent from the September pace and 26.6 percent above the rate of 5.41 million sales in October 2019. Single-family home sales rose 4.1 percent to a seasonally adjusted annual rate of 6.12 million, up from 5.88 million in September. This was 26.7 percent above the pace a year earlier. The annual sales rate for existing condominium and co-ops was up 5.8 percent and 25.9 percent from the two earlier periods to 730,000 units.

 

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