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September Existing Home Sales +9.4% to 6.54M SAAR, Beats Expectations

US DATA
  • "Another spectacular month for sales and prices" as September existing home sales beat expectations, rising 9.4% to 6.54m SAAR vs 6.3m expected
  • Sales +20.9% yoy, "well surpassed" pre-pandemic housing conditions, says NAR economist Lawrence Yun
  • Median home price +14.8% yoy to record USD311,800, due to insufficient supply, strong demand, and higher sales of larger, more expensive homes (many of which are being sold to homeowners trading up)
  • Average 21 days on market is another record low (a year ago was 32 days)
  • 2.7 months supply is lowest inventory count for the month of September since 1982 when NAR started tracking the data (a year ago was 4.0 months supply)
  • Working from home trend driving home sales for those who can afford it, while fast rising prices will present challenges for future first-time homebuyers, Yun said
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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