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October Existing Home Sales +4.3% to 6.85M SAAR, Beats Expectations

US DATA
(MNI) WASHINGTON
  • "Another spectacular month" as October existing home sales beat expectations, rising 4.3% to 6.85M SAAR vs 6.47M expected
  • October sales +26.6%% YOY, offsetting the spring market loses, says NAR economist Lawrence Yun
  • Median home price +16% YOY to record USD313,000, due to insufficient supply, strong demand, and higher sales of larger, more expensive homes
  • More than 7 in 10 homes sold in October, 72% were on the market for less than a month
  • Average 21 days on market is meets previous record low
  • 2.5 months supply is lowest inventory count all-time
  • First time home buyers were responsible for 32% of sales in October, up from 31% in both September and October 2019
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | evan.ryser@marketnews.com

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