Data released Thursday showed existing home sales rose 9.4% in September, beating expectations. Wells Fargo Analysts They explain that demand for homes is likely to be even stronger, with low inventories fueling competition and driving up prices.
Key statements:
“Existing home sales increased 9.4% in September at a rate of 6.54 million units. The increase exceeded expectations, but it is not a surprise. Single-family home sales increased 9.7% and condo and cooperative sales increased 6.3% ”.
“Almost all of the housing metrics have been remarkably strong over the past few months, as pending mortgage applications and home sales pointed to a particularly strong gain in September.”
“Home sales would probably be stronger if there were more homes available for sale. There were only 1.47 million homes for sale at the end of September, 1.3% less than the previous month and 19.2% less than last September ”.
“With increasing demand and inventories so low, home prices continue to rise dramatically. Lower interest rates generally lead to a higher home price on their own, as buyers can now buy more homes. ”
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Credits: Forex Street
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