US Home Sales Jump to Eight-Month High as Supply Improves

Source: National Association of Realtors

Existing-home sales in the United Sales climbed to an eight-month high in September, following the continued drop in sales prices. XHB is down 0.52%.

• Total existing-home sales jumped 7.0% from August to a seasonally adjusted annual rate of 6.29 million, the highest since January’s 6.660 million.
• The latest reading compares with the 5.880 million in August and the 6.440 million recorded the same month last year.
• The sales price of existing homes dropped to $352,800, marking the third straight month of declines.
• Total house inventory at the end of September stood at 1.27 million units, down 0.8% from August and 13.0% lower than the same month last year.
• Unsold inventory is equivalent to a 2.4-month supply at the current sales pace, down 7.7% from August and the 2.7 months in September 2020.
• NAR Chief Economist Lawrence Yun attributed the increase in supply in the previous months as housing demand remains strong.
• Yun said buyers likely want to secure a home before mortgage rates increase even further in 2022.