Flight from the Cities: Existing Home Sales Unexpectedly Soar, Hit Highest Level Since 2006

Flight from the Cities: Existing Home Sales Unexpectedly Soar, Hit Highest Level Since 2006


U.S. home sales increased for a fifth straight month in October, far exceeding expectations and hitting the fastest pace of sales in 14 years.

Sales of existing homes in October soared 4.3 percent compared with September and 26.6  percent annually to a seasonally adjusted annualized rate of 6.85 million units, according to data released Thursday by the National Association of Realtors.

Economists expected a decline of 1.2 percent to 6.45 million from 6.54 million initially reported for September. That blistering 9.4 percent monthly gain was seen as unsustainable and high prices were seen as hurting sales volume. But growth continued and last month’s figure was revised up to a 6.57 million sales pace, a 9.9 percent sales gain.

“The surge in sales in recent months has now offset the spring market losses,” said Lawrence Yun, the NAR’s chief economist. “With news that a COVID-19 vaccine will soon be available, and

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