Gross sales of beforehand owned houses within the U.S. rose to a brand new 14-year excessive in September …
whereas sturdy demand and a scarcity of houses on the market pushed home costs increased.
Present-home gross sales rose 9.4% in September from August to a seasonally adjusted annual fee of 6.54 million, the best fee since Might 2006, the Nationwide Affiliation of Realtors stated Thursday. The September gross sales marked a 20.9% improve from a 12 months earlier.
Economists surveyed by The WSJ anticipated a 6.2% month-to-month improve in gross sales of beforehand owned houses, which make up many of the housing market.
“Residence costs are merely rising too quick on account of inadequate provide and really sturdy demand,” stated Lawrence Yun, NAR’s chief economist.