US existing-home sales hit a 15-year high – The Property Chronicle
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US existing-home sales hit a 15-year high

Residential Investor

Sales of existing homes rose 4.3% in October to a 6.85 million seasonally adjusted annual rate. Sales are now up 26.6% from a year ago and are at their highest level since November 2005 (see top of first chart).

Sales were up in all four regions in October: sales were up 1.4% in the West and are up 22.8% from the year-ago level; sales rose 3.2% in the South, the largest region by volume, leaving that region’s sales rate 26.5% above the year-ago pace; sales gained 8.6% for the month in the Midwest and are 28.1% above the October 2019 rate; and sales were up 4.7% in the Northeast, and were 30.4% below year-ago levels.

Residential Investor

About Robert Hughes

Robert Hughes joined the American Institute for Economic Research in 2013 following more than 25 years in economic and financial markets research on Wall Street. He was formerly the Head of Global Equity Strategy for Brown Brothers Harriman, where he developed equity investment strategy combining top-down macro analysis with bottom-up fundamentals. Prior to that, he was a senior equity strategist for State Street Global Markets, senior economic strategist with Prudential Equity Group and senior economist and financial markets analyst for Citicorp Investment Services.

Articles by Robert Hughes

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