Existing Home sales Data Release – October 21, 2021

Washington, D.C. – Existing home sales in the United States unexpectedly increased 7% in September 2021 to a seasonally adjusted annual rate of 6.29 million units, the highest level in eight months.

Home sales increased in each of the four major US regions.

Housing inventory totaled 1.27 million units in September, down 0.8 percent from August.

The median price of an existing home across all housing types was $352,800, up 13.3 percent from September 2020 and marking 115 consecutive months of year-over-year growth.

“Some improvement in supply during prior months helped nudge up sales in September. Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year. As mortgage forbearance programs end, and as homebuilders ramp up production – despite the supply-chain material issues – we are likely to see more homes on the market as soon as 2022” – Lawrence Yun, chief economist at the National Association of Realtors.