Existing-house sales increased 0.8% in October to a seasonally changed yearly rate of 6.34 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 5.8% from October 2020. First-time purchasers was accountable for 29% of sales in October, up from 28% in September and 32% in October 2020.
Lawrence Yun, NAR’s primary economic expert, specifies that “Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment.”
The overall real estate stock in October was 1.25 million systems, down 0.8% from September’s stock and down 12.0% from one year ago (1.42 million). The mean house rate was $353,900, up 13.1% from October 2020 ($313,000), as costs increased in every area. This marks 116 straight months of year-over-year gains.
Distressed sales represented less than 1% of sales in October, equivalent to the previous month’s portion and equivalent to October 2020.
Read the NAR release.