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September existing home sales climb 9.4%, highest since ’06

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CHARLOTTE, N.C. (AP) — Sales of existing homes climbed 9.4% in September, the National Association of Realtors said Thursday, the latest sign that the housing market remains red hot despite the coronavirus pandemic.

On a seasonally-adjusted rate, the selling pace of existing homes climbed to 6.54 million annualized units. That is the highest level for that metric since February 2006, at the peak of the previous housing bubble.

The median selling price of a home also climbed to $311,800, up 15% from a year earlier, according to NAR. Housing inventory remains low as well, with only 2.7 months of home inventory on the market. That’s a record low for that metric.

September is typically when home buying slows as the market enters into the fall and winter. But because of the pandemic, the spring home buying season was delayed a few months and pushed the bulk of the home buying season into the mid-to-late summer.

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The headline has been corrected to show a rise of 9.4%, not 9.5%.

By KEN SWEET
AP Business Writer

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