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Vacation Homes Help Fuel Existing Sales Surge
Thursday, October 22, 2020
Existing home sales rose again in
September and are now blowing the doors off last year's numbers. The National
Association of Realtors® says sales of single-family homes, townhomes, condominiums,
and co-ops, rose 9.4 percent from August to a seasonally adjusted annual rate
of 6.54 million units in September. After four straight months of increasing
sales, the seasonally adjusted rate is now 20.9 percent higher than in
September 2019. Single-family home sales rose 9.7
percent month-over-month to a seasonally adjusted rate of 5.87 units and are
now 21.8 percent higher than a year earlier. Existing condominiums and co-ops
sold at annual rate of 670,000 units, increasing 6.3 percent and 13.6 percent
from the two earlier periods. Analysts had expected sales to
remain on a winning streak but were looking for an annual rate of 6.2 million
sales. Forecasts of those polled by Econoday ranged from 5.8 million to
6.4 million units, all falling short of the actual number.
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