Existing home sales jump 4.3% to 6.85 million
Total existing home sales home sales, completed transactions that include single family homes, townhomes, condominiums and co ops, increased 4.3% from September to a seasonally adjusted annual rate of 6.85 million in October.
Total housing inventory3 at the end of October totaled 1.42 million units, down 2.7% from September and down 19.8% from one year ago (1.77 million).
Unsold inventory sits at an all time low 2.5 month supply at the current sales pace, down from 2.7 months in September and down from the 3.9 month figure recorded in October 2019. ■