Existing home sales reach 14-year high

Existing home sales reach 14-year high

Existing home sales reach 14-year high
After a sluggish start to the year as the coronavirus pandemic took hold in the U.S., the housing market has made a complete turnaround. Sales of previously owned homes have climbed to a new 14-year high as of October according to new data from the National Association of Realtors.

Existing home sales rose 4.3 percent from September to October to a seasonally adjusted annual rate of 6.85 million. This is the highest level since February 2006. Economists surveyed by the Wall Street Journal had actually anticipated a 1.2 percent monthly decline.

While the upswing in home sales is a high mark for the overall economy, the demand for housing from buyers has only worsened an already severe shortage of homes for sale.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.