Sales of previously owned houses in the US unexpectedly jumped 4.3% from the previous month to 6.85 million units in October of 2020, beating market forecasts of a 1.2 percent drop to 6.45 million. It is the highest reading since November of 2005, amid record-low interest rates and as sales of suburban homes remain strong as people try to move away from the big cities due to the coronavirus pandemic. The median existing-home price was $313,000, almost 16% more than in October of 2019. Total housing inventory declined from the prior month and one year ago to 1.42 million, enough to last 2.5 months - a record low - at the current sales pace. "With news that a COVID-19 vaccine will soon be available, and with mortgage rates projected to hover around 3% in 2021, I expect the market's growth to continue into 2021", said Lawrence Yun, NAR's chief economist. Yun forecasts existing-home sales to rise by 10% to 6 million in 2021. source: National Association of Realtors
Existing Home Sales in the United States averaged 3997.92 Thousand from 1968 until 2020, reaching an all time high of 7250 Thousand in September of 2005 and a record low of 1370 Thousand in March of 1970. This page provides the latest reported value for - United States Existing Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Existing Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Existing Home Sales in the United States is expected to be 6500.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Existing Home Sales in the United States to stand at 5900.00 in 12 months time. In the long-term, the United States Existing Home Sales is projected to trend around 5200.00 Thousand in 2021 and 4700.00 Thousand in 2022, according to our econometric models.