Existing Home Sales Rise to Highest Level Since January

  • October 25th 2021

by UrbanTurf Staff

After faltering a bit in August, existing home sales bounced back in September. 

Sales rose 7% month-over-month in the U.S. last month, according to data released last week by the National Association of Realtors (NAR). Economists predicted a 3.7% gain, so sales far outpaced that, and the 6.29 million monthly sales was the highest monthly total since January.

"Some improvement in supply during prior months helped nudge up sales in September," Lawrence Yun, NAR's chief economist, said in a statement. "Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."

The breakdown of home sales by price bracket was telling of where the demand lies in the market. Home sales of $250,000 or less fell more than 20%; sales in the $250,000 to $500,000 range rose 3%; and homes priced $500,000 and up rose more than 20%. 

This article originally published at https://dc.urbanturf.com/articles/blog/existing-home-sales-rise-to-highest-level-since-january/18863.

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