US existing home sales surge 4.3% in October amid multi-year low mortgage rates



by   |  VIEW 521

US existing home sales surge 4.3% in October amid multi-year low mortgage rates

On Thursday, US National Association of Realtor said in a statement that the US existing home sales rose for the fifth straight session in a row in October, as a multi-year low mortgage rate had continued to streamline a free flow of home buyers despite a record-high house prices.

Nonetheless, the National Association of Realtors had also raised an alarming bell on US housing market over the coming months, as a sharply squeezed supply of US houses coupled with an ebbing consumer sentiment would likely to weigh on US housing market.

In point of fact, US housing market appeared to be failing to grapple with an abrupt rise in demands since the onset of the pandemic outbreak, as more and more Americans were seeking refuge in less-densely populated suburbs amid a steeper rise in work-from-employees due to the pandemic associated forced lockdown measures despite a havoc-scale rise in the prices of US houses.

Notably, a median of existing homes’ price in the United States soared over 15 per cent to an all-time high of $313,000 last month.

US existing homes sales surge for the fifth consecutive months

On top of that, Thursday’s US housing data had revealed that the existing home sales grew by 4.3 per cent to a seasonally adjusted 6.85 million units in October, while September existing home sales data had been revised up to 6.57 million units from an initial reading of 6.54 units, suggesting a persistence influx of cash flow into the US housing market.

Nonetheless, an analysts’ poll had forecasted that the existing home sales would fall by 1.2 per cent to 6.45 million units in October, pointing towards a bolstering US housing market which remained as a brighter spot in US economy’s recovery from the pandemic-led fiscal slump.

More interestingly, US existing homes sales climbed as much as 26.6 per cent in October on an annualized basis with sales volume heightening up in all four regions across the United States last month.