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MNI DATA BRIEF: US Sept Existing Home Sales Fastest Since Jan

(MNI) WASHINGTON
WASHINGTON (MNI)

U.S. existing home sales rebounded 7.0% to 6.29 million SAAR in September, besting market expectations and the strongest pace since January, the National Association of Realtors reported Thursday.

"This autumn season looks to be the best home-selling season in 15 years," NAR chief economist Lawrence Yun told reporters. Firms' pivot to allowing employees to work from home will help drive home sales, while a shortage of housing supply continues to pressure prices, which are up 13.3% yoy.

Inventory dipped in September and Yun anticipates the seasonal decline in supply to continue through the fourth quarter. Properties on average stayed on the market for 17 days in September, matching the record low seen in August.

MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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