United States Existing Home Sales

Existing home sales in the US unexpectedly jumped 7% to a seasonally adjusted annual rate of 6.29 million units in September of 2021, the strongest level in 8 months. Each of the four major US regions witnessed increases in home sales. Total housing inventory amounted to 1.27 million units, down 0.8% from August. The median existing-home price for all housing types was $352,800, up 13.3% from September 2020, marking 115 straight months of year-over-year increases. "Some improvement in supply during prior months helped nudge up sales in September. Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year. As mortgage forbearance programs end, and as homebuilders ramp up production - despite the supply-chain material issues - we are likely to see more homes on the market as soon as 2022", said Lawrence Yun, NAR's chief economist.