Existing home sales increased 0.8% in October to an adjusted rate of 6.34 million, the National Association of Realtors reported. Compared with October 2020, existing home sales fell 5.8%.
Housing inventory dropped 0.8% month-over-month to 1.25 million units, a 12.0% decline compared with October 2020.
“Home sales remain resilient, despite low inventory and increasing affordability challenges,” stated Lawrence Yun, NAR’s chief economist. “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
Regionally, existing home sales dropped 2.6% in the Northeast and remained unchanged in the West. The Midwest and South recorded existing home sales increases of 4.2% and 0.4%, respectively. Compared with October 2020, existing home sales declined in every region.
The median sales price for existing homes surged 13.1% year-over-year to $353,900.
The full NAR report can be found here.
