Feverish Home Sales Pace Broke Annual Record in October

New housing data shows 2021’s feverish home sales pace broke an annual record in October, even as fall sales activity followed steadier seasonal patterns. With last month marking the eighth straight month of buyers snatching up homes more quickly than in previous years and fewer new sellers entering the market than last year, inventory took a slight step back from recent months’ improvements, according to the Realtor.com Monthly Housing Report.

“The year may be winding down, but 2021’s feverish pace of home sales continues to hit new records. Despite returns to more typical pre-COVID seasonality which means a slower fall versus summer season, October housing data suggests that demand is still unseasonably high,” said Danielle Hale, Realtor.com chief economist. “A number of factors could be enabling buyers to persist including rising mortgage rates and surging rental prices. Looking at the bigger picture of the pandemic, increased adoption of technology could be playing a key role in helping buyers move further along in the process virtually. With these ‘serious searchers’, some of whom have been planning to buy since before the pandemic, better prepared to jump on new listings quickly. Keeping inventory tight, mismatched supply and demand will continue to challenge buyers eager to move on to the next phase of life.”