According to the National Association of Realtors, October saw a 0.8% increase in sales of homes previously owned. This was an annualized seasonally adjusted rate of 6.34 Million units. The October 2020 sales were 5.8% less than the October 2020. The market’s cyclical peak was October last year.

These are closed sales of existing single-family houses and condominiums that took place in October. Contracts signed in September and August will likely be included in this measure. On average, closing can take between one and two months.

Realtors are expecting full-year revenues of more than 6,000,000, which is the most since 2006.

Lawrence Yun (chief economist at the Realtors) stated that sales are still strong.

Yun pointed out that there was an increase of investors on the market due to rising rents for single family homes. October’s buyers were 17% more investors than September (13%), and October 2020 (14%). 24 percent of all cash buyers purchased October’s goods. All cash is preferred by most investors.

29% represented first-time buyers, compared to 32% last year. This share has been around 40% in the past.

There has been a decline in existing homes on the market. At the end October, 1.25 million homes were available to purchase. This is an increase of 12% compared to a year earlier. At the current pace of sales, this is a supply of 2.4 months. An equal market is one that has buyer and seller in supply for 5-6 months.

Strong demand and weak supply drove the median price for an existing home up to $353,900. It is 13.1% lower than the October 2020 average.

The sales of houses under $250,000 have fallen 24% in the price range. The sales of homes between $750,000-$1 million increased 25%. The number of homes worth a million dollars or more was up by 31%

Mortgage rates did not change for October buyers. From August to September, they grew steadily. According to Mortgage News Daily, the average interest rate for the 30-year fixed-rate loan was 2.7% on August 3. The rate was now 3.22% as of October 29th. As of Friday, it was at 3.16%

According to the latest report, September saw a 14% increase in sales of new homes compared with August. Due to low inventory of homes available for sale, builders continue to experience strong demand. However, some of the biggest national builders have stated that they are experiencing slow sales because of supply chain issues and labor problems. The builders are worried that they may not be able deliver homes in time.