U.S. Home Sales See Continued Gains

Existing home sales in the U.S. climbed in October and have now demonstrated month-over-month gains for five consecutive months, says the National Association of Realtors (NAR). Total existing home sales increased 4.3 per cent from September to a seasonally-adjusted rate of 6.85 million. Year-over-year sales are now up 26.6 per cent compared to the rate of 5.41 million in October 2019. Single-family home sales are up 4.1 per cent to a seasonally-adjusted annual rate of 6.12 million in October. This is also a 26.7 per cent increase on a year-over-year basis. “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,” says Lawrence Yun, chief economist of NAR. “With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around three per cent in 2021, I expect the market’s growth to continue into 2021.” He now forecasts existing home sales to rise by 10 per cent to six million in 2021.