World US Existing Home Sales Rose Modestly In October By AFP News 11/22/21 AT 11:32 AM Video Player is loading. AD Loading ... Sales of existing homes in the United States rose for the second straight month in October, again pushing prices higher and squeezing inventory, an industry survey said Monday. The National Association of Realtors (NAR) said sales increased 0.8 percent from September to a seasonally adjusted annual rate of 6.34 million, more than analysts had forecast. Home inventory dropped 0.8 percent to a 2.4-month supply at the current sales pace, though that was about the same as September, the NAR said. Prices meanwhile continued their upward climb, with the median existing home price hitting $353,900, 13.1 percent higher than the same month last year. "Home sales remain resilient, despite low inventory and increasing affordability challenges," NAR's Chief Economist Lawrence Yun said. Sales of US homes rose modestly in October 2021 as the economy gradually recovered from the coronavirus pandemic Photo: AFP / Olivier DOULIERY Top Articles READ MORE Cricket Tasmania Slams 'Appalling' Paine Treatment "Inflationary pressures, such as fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, consistent mortgage payment." The US housing market has boomed over the past 18 months even as the wider economy has suffered from the Covid-19 downturn. Catalysts include low mortgage rates aided by the Federal Reserve's easy money policies, as well as disruptions to daily life caused by the virus that have pushed Americans to reconsider where they live. Sales were uneven across the country, with the Northeast seeing a 2.6 percent decline and sales in the West coming in flat. In the Midwest, sales were 4.2 percent higher, while the South saw a 0.4 percent increase. Mahir Rasheed of Oxford Economics predicted an idle few months to come for existing home sales, which make up the bulk of US real estate transactions. "Looking ahead, we expect existing home sales to trend sideways over the final two months of the year as the market navigates familiar headwinds in the form of limited supply and declining affordability," he said in an analysis. Copyright AFP. All rights reserved. PROMOTED CONTENT Si vous mangez ça avant de dormir, vous perdrez 17 kg en 14 jours Vanefist Neo Just A $200 Investment In Amazon Is Giving Leuven A Second Income Amazon Trader This Young Leuven Family Now Makes $15,800 Per Month With Amazon Amazon Trader MMA News: ONE: Winter Warriors II Card Features Exciting Night Of Fights One Of The Most Powerful Beauty Tools You Already Have At Home Herbeauty The Things This Woman Does With Makeup Will Screw With Your Head Herbeauty Une recette oubliée pour combattre les rides après 40 ans Carattia Cream A Photo Of A Saudi Prince's 80 Hawks On A Plane Goes Viral Red Dragons Media Boxing News: Terence Crawford Vows He Could Be As Big As Canelo Alvarez Too Things You Should Know Before You Start Microblading Herbeauty What BB Cream Can Do For Your Skin Herbeauty C’est le réducteur de rides le plus puissant Carattia Meet Hercules, The Biggest Cat In The World Red Dragons Media 6 Trends To Look Like An Eye-Candy And 6 To Forget About Herbeauty One Of The Most Popular Botanical Gardens Ever Herbeauty JOIN THE DISCUSSION MOST READ 1 Don Jr., Ivanka, Eric Trump May Be Indicted For Dad's Crimes 2 Cleared Of Murder, US Teen Says Case Was Not About Race 3 Apple Sues Israeli Spyware Maker For Targeting Its Users 4 Apple Sues Israeli Spyware Maker For Targeting Its Users 5 Secret, Old Spice Antiperspirant Recalled Over Cancer Risk Get up to Speed with IBT’s Fast Start Stay up to date with our daily newsletter SIGN UP NOW LATEST NEWS Jury Hands Down Murder Convictions In Ahmaud Arbery Trial Most Asian Markets Drop As Data Points To Faster Fed Taper Europe Struggles With Record COVID-19 Outbreak COVID-19 Vaccine Offers 'False Sense Of Security' To Some People: WHO Tesla Faces Sexual Harassment Allegations Social Capital Trail Blazing CEOs Redefining Business Success Kristin Groos Richmond Revolution Foods Revolution Foods’ Commitment To Diversity: Implementing Community Cultures We Serve In All We Do Penny Pennington Edward Jones Penny Pennington Is Committed To Growth – Of Families Mike Brady Greyston Bakery Finding Your 'Hire' Power NEWS Business Technology World National Politics Media & Culture Opinion Sports Luxury FEATURED Social Capital Lexicon Spotlight EMBA Rankings Fintech Startups Top AI Startups & Scaleups IBT Shop Coupons ABOUT About Us Advertise with Us Media Kit Terms & Conditions Privacy Policy Cookie Policy EDITIONS Australia India International Singapore United Kingdom United States FOLLOW US Facebook Twitter LinkedIn © Copyright 2021 IBTimes LLC. All Rights Reserved.