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.
Sales in the market for existing single-family homes, which account for around 90% of total existing-home sales, rose 4.1% in October, coming in at a 6.12 million seasonally adjusted annual rate. From a year ago, sales are up 26.7%. The October pace is the fastest since November 2005 (see top of first chart).