Existing-Home Sales Rose 9.4% in September
Washington, DC, October 22, 2020-Total existing-home sales rose 9.4% from August to a seasonally-adjusted annual rate of 6.54 million in September, according to the National Association of Realtors.
Overall sales rose year-over-year, up 20.9% from a year ago (5.41 million in September 2019).
"Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season," said Lawrence Yun, NAR's chief economist. "I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home."
The median existing-home price for all housing types in September was $311,800, up 14.8% from September 2019 ($271,500), as prices rose in every region. September's national price increase marks 103 straight months of year-over-year gains.
Total housing inventory at the end of September totaled 1.47 million units, down 1.3% from August and down 19.2% from one year ago (1.82 million). Unsold inventory sits at a 2.7-month supply at the current sales pace, down from 3.0 months in August and down from the 4.0-month figure recorded in September 2019.
"There is no shortage of hopeful, potential buyers, but inventory is historically low," Yun said. "To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists."
Sales in vacation destination counties have seen a strong acceleration since July, with a 34% year-over-year gain in September.