September US existing home sales jump 15-yr peak as long-term mortgage hits new lows

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September US existing home sales jump 15-yr peak as long-term mortgage hits new lows

Amid a historically low long-term mortgage rates, US existing home sales had surged 9.4 per cent last month, spiking to its highest level since 2006, the National Association of Realtors said on Thursday. In point of fact, Thursday’s existing home sales data from US National Association of Realtors followed a record jump in new home sales in September in the latest sign that the US housing market remains as one of the brighter spots in a recessed US economy.

On top of that, latest climb in US existing home sales comes over the heels of a weekly report from the US mortgage buyer Freddie Mac that said the long-term US mortgage rates had dipped further this week, while the popular-most 30-year fixed home loans slid to a new record low of 2.80 per cent and the 15-year fixed mortgage rates fell to 2.33 per cent from an earlier 2.35 per cent this week, eventually ramping up the US housing market amid a steep shortage of supply which in turn had led to an Apollonian rise in the prices of both new and existing homes across the United States.

Besides, according to the Thursday report of Freddie Mac, the median selling prices of a home in the United States surged 15 per cent to $311,800 this month compared to the same time a year earlier.

US existing home sales climb 9.4%, highest since ‘06

Aside from that, according to the National Association of Realtor report that was published earlier in the day, US existing home sales grew by 9.4 per cent in September to 6.54 million units on an annualized basis, which has been the highest level for the metric since early-2006, while the figures also came well above an economists’ expectation.

Meanwhile, referring to the pandemic outbreak which had been forcing tens of thousands of Americans to seek safety into the suburbs and countryside across the US, data from NAR (National Association of Realtors) had revealed that the North-eastern part of the US had been the sturdiest housing market so far this year with a rise of 16.2 per cent in existing home sales compared to the same time a year earlier, as a majority of urban dwellers seemed to be readjusting to the possibilities of working from home until at least end-2021.