6.85 Million Homes Changed Hands in October
✉️ Want to forward this article? Click here.
The latest data from the National Association of Realtors (NAR) illustrates a nationwide housing market that is only continuing to gain steam.
In October, 6.85 million existing homes sold, a 26.6% increase from October 2019. These sales numbers were also 4.3% higher than those in September, the fifth consecutive month with a month-over-month increase.
The numbers were coupled with an increase in home prices, with the median price for all existing homes sold standing at $313,000 in October, a 15.5% increase year-over-year. This also makes October the 104th consecutive month where the median price rose year-over-year.
story continues below
loading...story continues above
DC wasn't alone in seeing huge price increases among single-family homes last month: prices for this housing type rose in each of the 181 metro areas NAR studies, and in 65% of those metro areas, prices went up by at least 10% or more. Nationwide, the median price for a single-family home rose to $317,700 in October, a 16% increase from October 2019.
"Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year," Lawrence Yun, NAR's chief economist, said in a statement. "With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market's growth to continue into 2021."
Photo courtesy of Ted Eytan.
See other articles related to: existing home sales, home sales, national association of realtors
This article originally published at https://dc.urbanturf.com/articles/blog/685-million-homes-changed-hands-nationwide-in-october/17559.
Most Popular... This Week • Last 30 Days • Ever
A look at the closing costs that homebuyers pay at the closing table.... read »
3331 N Street NW sold in an off-market transaction on Thursday for nearly $12 million... read »
In this article, UrbanTurf will explore the considerations and steps involved in buyi... read »
The most expensive home to sell in the DC region in years closed on Halloween for an ... read »
Paradigm Development Company has plans in the works to build a 12-story, 110-unit con... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro