Existing-Home Sales Rose 9.4% in September
By Nicole Friedman
Sales of previously owned homes in the U.S. rose to a new
14-year high in September while robust demand and a shortage of
homes for sale pushed house prices higher.
Existing-home sales rose 9.4% in September from August to a
seasonally adjusted annual rate of 6.54 million, the highest rate
since May 2006, the National Association of Realtors said Thursday.
The September sales marked a 20.9% increase from a year
Economists surveyed by The Wall Street Journal expected a 6.2%
monthly increase in sales of previously owned homes, which make up
most of the housing market.
"Home prices are simply rising too fast due to insufficient
supply and very strong demand," said Lawrence Yun, NAR's chief
A very limited supply of homes for sale, especially in lower
price tiers, pushed prices to new highs. The median existing-home
price rose 14.8% from a year earlier to $311,800, a record high
nominally and adjusted for inflation, NAR said.
Write to Nicole Friedman at email@example.com
(END) Dow Jones Newswires
October 22, 2020 10:20 ET (14:20 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.