Existing Home Sales Soared in September

Existing home sales increased 9.4% in September which extended the streak of increased sales to 4 consecutive months. Typically home sales tend to taper off in the fall but due to record low interest rates and a delay of the busy Spring buying season (due to the shutdowns) the busy buying season has extended through September. According to the article on Realtor.com, 7 of 10 homes sold within a month.

A shrinking supply of home along with the increased demand had resulted in continuing increases in home prices. According to the article the median home price was up 15% from September 2019 to $311,800.

Read full Realtor.com article here.