Existing Home Sales Jump 7.0% in September

The National Association of Realtors® (NAR) reported today (10-21-21) that total existing home sales — which are completed transactions for single-family homes, townhomes, condominiums, and co-ops — increased 7.0% from August to a seasonally adjusted rate at 6.29 million homes in September. Year-over-year, however, sales are down -2.3% (6.44 million September 2020).

At the end of September, unsold inventory was at a 2.4-month supply, at the current sales pace, down -7.7% from August 2021 and down year-over-year from the September 2020 rate of 2.7 months.

The NAR is reporting the median existing-home price for all housing types in September was $352,800, up 13.3% from September 2020 ($311,500) as prices rose in each region. This marks 115 straight months of year-over-year increases.

In a statement prepared to accompany the September existing home sales report, Lawrence Yun, NAR’s chief economist said, “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”

Yun added, “As mortgage forbearance programs end, and as homebuilders ramp up production — despite the supply-chain material issues — we are likely to see more homes on the market as soon as 2022.”