(NAR) Sales of existing homes in the US increased by 0.8% in October from September to an annual rate of 6.34 million. The sales were still down 5.8% from 2020.
The increase in home sales happened even as the median prices rose by 13.1% from the prior year to $353,900.
Housing inventory fell by 12% from last year to mark 2.4 months of monthly sales pace at 1.25 million. The rate was below 2.5 months posted in the prior year.
First-time buyers accounted for 29% of home sales, an increase from 28% posted in September but below 32% recorded in the prior year.
Home sales rose in the Midwest and South, remained constant in the West, but fell in the Northeast.
NAR’s chief economist Lawrence Yun says total consumer wealth has been boosted by record-high stock markets and high home prices increasing housing demand in line with remote work growth.
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