Existing home sales jump past forecasts in October

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Sharecast News | 19 Nov, 2020

Updated : 15:58

16:00 15/11/24

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Sales of second-hand homes in the States jumped past forecasts in October.

According to the National Association of Realtors, the annualised pace of existing home sales jumped at a month-on-month pace of 4.3% to reach 6.85m (consensus: 6.44m).

Last month's reading was 26.6% ahead on the year earlier period.

Prices also increased sharply, rising by 16% to $313,000.

The inventory of homes available for sale meanwhile fell to a record low of 1.42m or 2.5 months' worth at the current pace of sales.

Over 70% of homes sold in October had been on the market for less than a month, NAR said.

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