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    October existing home sales hit fastest pace since January | The Daily Reporter – Milwaukee, Wisconsin

    Milwaukee, Wisconsin 2021-11-22 11:55:04 –

    AP Business Writer

    Sales of previously occupied U.S. homes rose in October, the strongest annual pace since January, despite competition for a relatively small number of properties on the market boosting prices. I recorded it.

    According to the National Association of Realtors, sales of existing homes increased 0.8% from September last month to a seasonally adjusted annual rate of 6.34 million units. According to FactSet, this was more powerful than the 6.18 million units expected by economists.

    Sales peaked in the summer and fell 5.8% from October last year, when buyers who had been postponed in the early days of the pandemic returned to the market.

    Lawrence Yun, Chief Economist at NAR, said:

    According to Yun, continued employment growth, record-high stock markets, and rising but historically low mortgage rates have helped drive home sales.

    Resilience demand continues to drive housing costs. Median home prices jumped to $ 353,900 last month, up 13.1% from October last year, according to the NAR.

    Overall, sales increased, but sales varied by region. Sales in the northeast fell 2.6% last month and were flat in the west. Sales increased 4.2% in the Midwest and 0.4% in the South. Sales in each region have decreased since October last year.

    During the first 10 months of this year, home sales have increased 11% from last year, up 13% from the same period in 2019.

    “This year we’re making it easy with a total of 6 million people a year, which will be the best performance in 15 years,” Yun said.

    Home sales have been healthy for most of the year, stimulated by the ongoing desire among many to seek more space to wait for a coronavirus pandemic. Mortgage rates have also historically been low, but have begun to rise in recent weeks.

    The average interest rate on benchmark 30-year mortgages was 3.1% last week, up from 2.98% last week. The average rate a year ago was 2.72%. The upward trend encourages some potential homeowners to act more quickly.

    Homes will continue to sell within a few days of being put up for sale. Homes usually remained on the market 18 days before they were snapped up last month. This usually follows a series of six months of homes that will be sold in the market 17 days later. In a market that is more evenly balanced between buyers and sellers, homes usually stay in the market for 45 days. According to the NAR, 82% of homes sold in October were on the market in less than a month.

    Inventories of unsold homes at the end of October were only 1.25 million, down 0.8% from September and 12% from a year ago. According to NAR, the current sales pace is equivalent to 2.4 months of supply.

    Despite historically low interest rates, supply shortages and soaring home prices have frustrated many potential buyers, especially those who buy homes in more affordable markets.

    Last month’s sales fell 24% in homes priced below $ 150,000. This reflects the lack of properties available in that price range. Home sales in the $ 250,000 to $ 500,000 range fell by 2%. According to the NAR, much of the increase in home sales in October was concentrated on properties sold for more than $ 750,000.

    First-time buyers accounted for 29% of homes sold last month, up from 28% in September. According to NAR, it accounted for 32% of sales last October.

    Meanwhile, investors accounted for 17% of last month’s sales, up from 13% in September and 14% in October last year. According to the NAR, 24% of last month’s transactions were US cash sales. This is an increase from 23% in September 2020 and 19% in October.

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