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.
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