The sale of homes continues to exceed expectations.
Breitbart reports that, despite predictions to the contrary, the rate at which homes are being sold here in the United States increased once again in October.
This past Thursday the National Association of Realtors released its most recent report.
The numbers show that the sale of existing homes rose to a seasonally-adjusted annual rate of 6.85 million in October. To provide some perspective, that is a 4.3 percent increase from September and a 26.6 percent increase from one year ago.
Increases were seen in each of the four major regions.
The Northeast saw a 4.7 percent rise, reaching an annual rate of 900,000, which is a 30.4 percent increase from a year ago. The midwest experience an 8.6 percent increase bringing the annual rate to 1,640,000, up 28.1 percent from last year.
3.2 percent was the increase that the South experienced in October raising its annual rate to 2.91 million, which is a 26.5 percent increase from October 2019. And, finally, the West witnessed a 1.4 percent increase which brought the annual rate to 1,400,000, a 15.1 percent increase from a year ago.
Now, existing U.S. homes are being sold at the highest rate in 14 years. October was the fifth consecutive month that saw an increase, and it wasn’t expected, especially during a pandemic.
In fact, according to Breitbart, “Economists expected a decline of 1.2 percent to 6.45 million from 6.54 million initially reported for September.”
The outlet explained: “That blistering 9.4 percent monthly gain was seen as unsustainable and high prices were seen as hurting sales volume. But growth continued and last month’s figure was revised up to a 6.57 million sales pace, a 9.9 percent sales gain.”
What’s going on?
The National Association of Realtors cited in its report the association’s chief economist, Lawrence Yun. He now believes that the growth we are seeing will continue into 2021, increasing by 10 percent to 6 million. The question that has to be asked is what is going on here?
With something like the housing market, it is an incredibly difficult question to answer. There are so many causes that likely have contributed to these increases. But, as Breitbart reports, the “broad range of factors” likely ranges “from looting and rising murder rates to closed schools to working from home and lockdowns of urban amenities such as museums, theaters, and restaurants.”