U.S. Home Sales Continued to Grow in October as Housing Market Remains Hot

A beige house in a suburban community during the day

Home sales in the U.S. grew in October as buyers continue to enter a hot market, according to the National Association of Realtors.

Existing home sales increased at the fastest pace since January, growing 0.8% in October from the previous month to a seasonally adjusted rate of 6.34 million, the National Association of Realtors (NAR) reported Monday. October home sales declined 5.8% compared to the figure in October 2020, with the inventory of unsold homes decreasing 12% to 1.25 million on a year-over-year basis.

“Home sales remain resilient, despite low inventory and increasing affordability challenges,” Lawrence Yun, NAR’s chief economist, said in the report. “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.”

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Housing Prices Hit Record Highs, Up 23 Percent as Buyers Struggle

A modern home with a light blue roof and matching siding

House prices are at their highest point ever as the housing market continues to boom, leaving some buyers struggling to afford a home, according to a real estate group.

The median existing-home price topped $350,000 for the first time in May, a 23.6% increase from a year earlier, according to a Tuesday report from the National Association of Realtors (NAR). While existing-home sales fell 0.9% from April to May, prices continued to increase as supply struggled to meet demand.

A combination of home buyers leaving cities, low interest rates, and constrained housing supply has caused prices to skyrocket, according to a report from Redfin. While the market has benefited sellers, some buyers have been priced out, the The Wall Street Journal reported.

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Low Rates and Heavy Buyer Demand Send U.S. Home Sales Surging

Spurred by ultra-low mortgage rates, home buyers rushed last month to snap up a limited supply of existing houses, causing the pace of purchases to jump by a record-high 24.7%.

The July surge in sales reported Friday by the National Association of Realtors marked the second straight month of accelerating home purchases. The back-to-back increases have helped stabilize the home buying market, which all but froze early this spring when the viral pandemic erupted across the United States.

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