Existing home sales surge 7% in September
|Summary
Existing home sales easily topped expectations in September, with overall sales jumping 7% to a 6.29 million-unit annual pace. Sales of single-family homes rose 7.7%, while sales of condominiums and co-ops were up 1.4%. Sales rose in all four regions of the country. The affordability migration continues to drive sales in the South and Mountain West. The influx of buyers into the South and Mountain West from areas with much higher home prices, particularly the Northeast and West Coast, is pulling median home prices up sharply in these areas. Nationwide, the median price of an existing home rose 13.3% in September, on a year-over-year basis. Prices for single-family homes are up 13.8%, while prices for condos and co-ops are up 9.3%.
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