October 22, 2020

Home Sales Just Hit Their Highest Levels in More Than a Decade. How Long Can the Market Remain Red Hot?

You’ve probably heard the news — everyone wants to buy a house this year.

September was no exception. Last month existing-home sales grew 9.4% over August to a seasonally-adjusted annual rate of 6.54 million, according to data released by the National Association of Realtors Thursday. That’s the highest annualized sales have been since 2006. It also means 21% more previously-owned homes were sold in September 2020 than in September 2019.

September house prices also soared — up 15% from a year earlier to a median of $311,800. Meanwhile, seven in ten homes sold during the month were on the market for less than 30 days.

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