Last month, 6.34 million homes and apartments changed owners, at an annualized rate, 0.8% more than in September, according to the NAR.
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Sales of second-hand homes rose in October in the United States, maintaining the momentum of the previous month despite the reduction in the number of available homes and high market costs.
Last month, 6.34 million homes and apartments changed ownership, at an annualized rate, 0.8% more than in September, according to figures released Monday by the National Federation of American Realtors (NAR).
Sales rebounded strongly in September after a decline in August.
October’s figures are well above the expectations of analysts, who were counting on 6.20 million sales.
“Home sales remain solid despite declining inventory and increasingly difficult access to the market,” said Lawrence Yun, chief economist of NAR.
“Inflationary pressures, such as rapidly rising rents and rising consumer prices, may have caused some potential buyers to seek the protection of a fixed and consistent mortgage repayment,” adds Mr. Yun, deputy. hearing that these consumers fear a sharp rise in interest rates in the coming months.
For the economist, the possibility for many employees to work from where they want has also increased the demand for real estate in some states of the country.
The record levels of major stock indexes, which translate into increased wealth for many consumers, also help explain the surge in sales, Yun adds.
The total stock of properties available for sale at the end of October fell, with 1.25 million houses and apartments looking for a new owner, 0.8% less than in September, and 12% less than in October 2020, when real estate demand exploded.
The median price of older homes stood at $ 353,900 in October, up 13.1% from a year ago and slightly above the $ 352,800 seen in September.
First-time buyers represent 29% of purchases, 1 point more than in September but 3 points less than a year ago.
Households who buy a second home, or make a rental investment, are numerous to have paid for their property in “cash”, and represent 17% of transactions, details the federation.
The real estate sector experienced a boom in the second half of 2020. Widespread teleworking, low interest rates combined with rising household savings had caused a rush to find larger homes and apartments further from the centers. -cities.
But with too few properties for sale and prices skyrocketing, sales of older homes then slowed from the end of winter.
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