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  • Writer's pictureDistinctive Mortgages

Existing-home sales rise for fifth straight month!

October marked the fifth straight month of existing-home sales growth, with sales reaching a seasonally adjusted annual rate of 6.85 million, according to the National Association of Realtors.

That pace is up 4.3% from September and 26.6% from October 2019. Existing-home sales have now seen month-over-month improvement every month since May, highlighting the extraordinary hardiness the residential market has enjoyed since initial tumult at the onset of the COVID-19 pandemic.

"Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year. … The surge in sales in recent months has now offset the spring market losses." said Lawrence Yun, NAR's chief economist.

October’s sales rate was the highest seen since November 2005. Single-family sales grew 4.1% month to month and 26.7% annually to a rate of 6.12 million units. Condo sales rose 5.8% monthly and 25.9% yearly to a pace of 730,000.

Rapid sales growth continues to put upward pressure on home prices, with the median existing-home price for all housing types at $313,000 in October. That’s up 15.5% annually, making October the 104th consecutive month of year-over-year median price gains. Scotsman Guide - Arnie Aurellano

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