by Calculated Risk on 11/19/2020 10:11:00 AM
From the NAR: Existing-Home Sales Jump 4.3% to 6.85 Million in October
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 4.3% from September to a seasonally-adjusted annual rate of 6.85 million in October. Overall, sales rose year-over-year, up 26.6% from a year ago (5.41 million in October 2019).
Total housing inventory at the end of October totaled 1.42 million units, down 2.7% from September and down 19.8% from one year ago (1.77 million). Unsold inventory sits at an all-time low 2.5-month supply at the current sales pace, down from 2.7 months in September and down from the 3.9-month figure recorded in October 2019.
This graph shows existing home sales, on a Seasonally Adjusted Annual Rate (SAAR) basis since 1993.
Sales in October (6.85 million SAAR) were up 4.3% from last month, and were 26.6% above the October 2019 sales rate.
This was the highest sales rate since early 2006.
The second graph shows nationwide inventory for existing homes.
According to the NAR, inventory decreased to 1.42 million in October from 1.46 million in September. Headline inventory is not seasonally adjusted, and inventory usually decreases to the seasonal lows in December and January, and peaks in mid-to-late summer.
The last graph shows the year-over-year (YoY) change in reported existing home inventory and months-of-supply. Since inventory is not seasonally adjusted, it really helps to look at the YoY change. Note: Months-of-supply is based on the seasonally adjusted sales and not seasonally adjusted inventory.
Months of supply decreased to 2.5 months in September.
This was above the consensus forecast. I’ll have more later.