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Existing Home Sales: Further Rebound In October

November 22, 2021
Bottom Line: Sales rose more than expected for the second month in a row in October after decelerating for most of the first half of 2021. The rebound in recent months keeps the trend rate of home sales well above pre-pandemic levels and reveals continued strong demand for housing. Moreover, the market remains very tight with months' supply of homes at 2.37 months, above the tightest points of 2020 but still well below the historical norm of six months. Overall. the housing is on track to add modestly to 4th Quarter GDP after dragging on growth in the prior two quarters.
Existing Home Sales ROSE by 0.8% in October to 6.34 million, compared with market expectations for a decline to 6.20 million. There were no revisions to prior data.  Home re-sales are now 5.8% BELOW their year-ago level.
The Inventory of Homes Available for Sale FELL by 0.8% to 1,250k and are now 12.0% BELOW  their year-ago level. Because inventories declined while sales increased, the Months Supply FELL to 2.4 months from 2.4 months.  This is BELOW the 6-month level that is considered 'normal'.
Home Prices
ROSE compared to their year-ago levels. Average home prices are 8.2% ABOVE their year-ago levels while median home prices are 13.1% ABOVE their year-ago levels.