• Existing home sales rose 0.8% in October from September, to 6.34 million (SAAR), according to the National Association of Realtors. Sales were down 5.8% from October 2020.
• The median existing-home sales price increased 13.1% year-over-year, to $353,900.
• Total for-sale inventory fell 0.8 from September and was down 12% from October 2020.

Existing home sales unexpectedly rose modestly in October, on the heels of an also-unexpected September surge, evening what has been a topsy-turvy existing sales tally — over the past 12 months, the number of monthly gains has been equaled by the number of monthly losses. October’s gain came despite a healthy 1.3% monthly gain in home values and shrinking for-sale inventory that may have been balanced by more favorable buying conditions including slightly longer time on market and sellers at least somewhat more inclined to negotiate. Throughout the pandemic, buyers have been encouraged by historically low interest rates, unprecedented fiscal stimulus, and a strengthening labor market, but also discouraged by fierce competition over a very limited selection of homes available to buy. Existing home sales were down from October 2020, when sales reached an all-time high as states and localities started easing some coronavirus lockdowns and restrictions. But compared to this time in pre-pandemic 2019, sales have increased more than three times faster than the median two-year growth rate. Would-be buyers remain plentiful and demand is still high — setting the stage for a faster pace of homebuilding and above-average price growth over the next year.