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Home Sales Defy Expectations, Crushing Another 14 Year Record
Thursday, November 19, 2020
The hot home sales market continued
unabated in October. The National Association of Realtors® (NAR) reports that
existing home sales grew for the fifth consecutive month and 72 percent of homes
that sold were on the market for less than a month. Single-family houses, townhouses,
condos, and cooperative apartments sold in October at a seasonally adjusted
annual rate of 6.85 million units. This was an increase of 4.3 percent from the
September pace and 26.6 percent above the rate of 5.41 million sales in October
2019. Single-family home sales rose 4.1
percent to a seasonally adjusted annual rate of 6.12 million, up from 5.88
million in September. This was 26.7 percent above the pace a year earlier. The annual
sales rate for existing condominium and co-ops was up 5.8 percent and 25.9
percent from the two earlier periods to 730,000 units.
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