For the fifth consecutive month, existing-home sales continued to be resilient in the face of the pandemic, climbing nearly 27% compared to a year ago, the National Association of REALTORS® reported Thursday.
Also reported this week, construction of single-family homes soared to the highest pace since the spring of 2007, as more buyers turned to the new-home market to find homes for sale.
Buyers continue to find higher prices and quick sales. Median existing-home prices continued rising last month, up nearly 16% compared to a year ago. The median existing-home price was $313,000 in October (a year ago prices were at $271,100), NAR reports.
“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector performed remarkably well this year,” says Lawrence Yun, NAR’s chief economist.