- Sales of previously owned homes in October rose 0.8% to a seasonally adjusted annualized rate of 6.34 million units, according to the National Association of Realtors.
- There were 1.25 million homes available for sale at the end of October, which is 12% lower compared with a year ago.
- The median price of an existing home was $353,900. That is 13.1% higher compared with October 2020.
Sales of previously owned homes in October rose 0.8% to a seasonally adjusted annualized rate of 6.34 million units, according to the National Association of Realtors. Sales were 5.8% lower than October 2020. October of last year was the cyclical high in the market.
This measure represents closed sales for existing single-family homes and condominiums in October, so contracts that were likely signed in August and September. The closing process can take one to two months on average.
The supply of existing homes for sale continued to weaken. There were 1.25 million homes available for sale at the end of October, which is 12% lower compared with a year ago. This represents a 2.4-month supply at the current sales pace. A 5 to 6-month supply is considered a balanced market between buyer and seller.
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