According to data released by the National Association of Realtors, existing home sales in the United States increased by 0.8% in October, with a seasonally adjusted annual growth rate of 6.34 million units.
Sales are down 5.8% from October 2020, and the current number exceeds Originally estimated at 6.2 millionSales in the Midwest and South, where housing prices are cheaper, rose, while sales in the Northeast declined, while sales in the West remained the same, which is the most expensive area in the country.
The monthly sales of single-family houses in the United States. pic.twitter.com/NsvruLSle6
— RonH (@Ronh999) November 22, 2021
Changes in U.S. existing home sales in October: 6.34 million (estimated 6.18 million; previous value was 6.29 million)
-Existing house sales (month/month): +0.8% (expected -1.8%; previously +7.0%)
-Median house price (USD): 353.9K or +13.1% (previously 352.8K or +13.3%)— LiveSquawk (@LiveSquawk) November 22, 2021
Contracts for recently sold houses may be signed in August and September, as the closing process may take a month or two to complete. A year ago, during the worst of the pandemic, the demand for housing skyrocketed.
As more and more people continue to be vaccinated and resume their daily lives, housing demand remains strong. Real estate agents expect annual sales to exceed 6 million, which will be the highest number since 2006.
“Sales are still very strong, and I attribute it to the increasing number of jobs,” Lawrence Yun, chief economist of real estate agents, told CNBC.
Yun added that the increase in home buyers may be due to rising rents. First-time home buyers account for 29% of the market, and they usually account for around 40%.
There are still about 1.25 million houses on the market, and at the current sales rate, the inventory supply is 2.4 months. According to the Daily Mortgage News report, the median price of existing homes is $353,900 and the average mortgage interest rate is 3.16%.
US existing home sales are coming soon.Why there may be upside surprises https://t.co/ZDUZT1qkab pic.twitter.com/jLdZCgyrvG
— Skygains.com (@SkyGains) November 22, 2021
