The number of properties sold in October 2021 was 2,197, down -11.87% from 2,493 from the previous month and -15.14% lower than 2,589 from October 2020. The October 2021 sales were the lowest level compared to October 2020 and 2019. The absorption rate is the avg number of sales per month divided by the total number of available properties.
NAR reports: “Total housing inventory at the end of September amounted to 1.27 million units, down 0.8% from August and down 13.0% from one year ago (1.46 million). Unsold inventory sits at a 2.4-month supply at the present sales pace, down 7.7% from August and down from 2.7 months in September 2020.
The median existing-home price3 for all housing types in September was $352,800, up 13.3% from September 2020 ($311,500), as prices rose in each region. This marks 115 straight months of year-over-year increases.”
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