US Home Sales Rise for Fifth Straight Month

US home sales increased for a fifth straight month in October, jumping 26.6 percent on a year-on-year basis. Sales increased last month and continued to be concentrated in the upper price end of the market.

US home sales increased for a fifth straight month in October, jumping 26.6 percent on a year-on-year basis. Sales increased last month and continued to be concentrated in the upper price end of the market.

On Thursday, the National Association of Realtors said that existing home sales increased 4.3 percent to a seasonally adjusted annual rate of 6.85 million units last month. Data for September was revised up to a rate of 6.57 million units from the previously reported 6.54 million units.

The housing market is being driven by record low mortgage rates. The COVID-19 pandemic, which has seen at least 21 percent of the labor force working from home, has led to a migration from city centers to suburbs and other low-density areas in the United States, as people seek out spacious accommodation for home offices and schools.

Housing supply has failed to keep up with demand, pushing home prices out of the reach of many first-time buyers, even when builders are currently ramping up construction. 

The US government reported on Wednesday that single-family homebuilding, which represents the largest share of the housing market, raced to the highest level since April 2007.

 

 


© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.