According to data from the National Association of Realtors (NAR), the sales of existing homes in the U.S. rebounded in October, both month-over-month and year-over-year. Regionally, all four regions of the U.S. saw an increase in sales compared to the previous month. Year-over-year, only the Northeast region's existing home sales remained flat, while the other three regions experienced growth. (Historically, existing home sales account for 90% of the annual home sales in the U.S.)
Existing home sales, which include completed transactions of single-family homes, townhouses, and condominiums, increased by 3.4% month-over-month, with a seasonally adjusted annual rate of 3.96 million units, representing a year-over-year increase of 2.9%.
The median sales price of existing homes was $407,200, up 0.7% month-over-month. Year-over-year, it increased by 4.0%, with median prices rising in all four regions of the U.S. for the 16th consecutive month.
In October, the sales of existing single-family homes increased by 3.5% month-over-month, with a seasonally adjusted annual rate of 3.58 million units, representing a year-over-year increase of 4.1%. The median sales price for single-family homes was $412,200, up 4.1% year-over-year.
The sales of existing condominiums increased by 2.7% month-over-month, with a seasonally adjusted annual rate of 380,000 units, but saw a year-over-year decline of 7.3%. The median sales price for condominiums in October was $360,300, up 1.6% year-over-year.
Additionally, according to data from the Houston Association of Realtors (HAR), the residential market in the Greater Houston area saw both volume and price increases in October, along with a strong rental market. The total number of homes sold in October was 8,627, representing a year-over-year increase of 10.2%. The total sales volume reached $3.55 billion, up 19.5% year-over-year.
New lease agreements for single-family homes increased by 4.9% year-over-year, with average rents rising by 0.9% to $2,250 per month.
New lease agreements for townhouses/condominiums increased by 6.5% year-over-year, with average rents rising by 0.8% to $1,931 per month.
The high-end residential market saw a surge in sales in October. Homes priced over $1 million performed the strongest, with sales increasing by 33.8% year-over-year. Following that, homes priced between $500,000 and $999,999 saw a year-over-year increase of 25.9% in sales.
Overall, the U.S. real estate market is recovering. The macroeconomic data for the U.S. continues to show a strong growth trend. The allocation of U.S. dollar assets has always been popular, and investing in U.S. real estate remains a favored choice for dollar asset allocation.
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