September existing home sales data
- Prior was 6.00m (revised to 5.98m)
- Sales up 20.9% y/y
- Sales up 9.4% m/m
- 2.7m supply at lowest since 1982
- Prices up 14.8% y/y
Fresh high since 2006 on sales. This is going to be an epic, secular boom and not just in the US, but everywhere interest rates are zeroed out.
That chart is insane.
"Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season," said Lawrence Yun, NAR's chief economist. "I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home."
"There is no shortage of hopeful, potential buyers, but inventory is historically low," Yun said. "To their credit, we have seen some homebuilders move to ramp up supply, but a need for even more production still exists."
