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.”
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.
Existing-Home Sales Ascend 7.0% in September