October 2020 Monthly Market Memo
KNOWLEDGE IS POWER
- Sales of existing homes rose 2.4% to a seasonally adjusted annualized rate of 6.0 million units, according to the National Association of Realtors.
- Sales were 10.5% higher compared with August 2019. This is the highest sales pace since December 2006, before the Great Recession.
- Tough competition has the market moving very quickly. It took just 22 days to sell a home in August, matching the fastest on record.