The numbers: Existing-home sales rose for the fifth consecutive month in October, as the housing market finally made up for the pandemic-related downturn in sales this spring.
Total existing-home sales increased 4.3% from September to a seasonally-adjusted annual rate of 6.85 million, the National Association of Realtors reported Thursday. Compared with a year ago, home sales were up roughly 27%. It was the highest level of home sales in 15 years.
“Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” Lawrence Yun, the trade group’s chief economist, said in the report. “The surge in sales in recent months has now offset the spring market losses.”
Economists polled by MarketWatch had projected existing-home sales to rise to a median rate of 6.5 million.
What happened: Home sales grew in every region across the country, led