by Robert Hughes
The American Institute for Economic Research
Sales of existing homes rose 4.3 percent in October to a 6.85 million seasonally adjusted annual rate. Sales are now up 26.6 percent from a year ago and are at the highest level since November 2005 (see top of first chart).
Sales were up in all four regions in October: sales were up 1.4 percent in the West and are up 22.8 percent from the year-ago level; sales rose 3.2 percent in the South, the largest region by volume, leaving that region’s sales rate 26.5 percent above the year-ago pace; sales gained 8.6 percent for the month in the Midwest and are 28.1 percent above the October 2019 rate; and sales were up 4.7 in the Northeast, and were 30.4 percent below year-ago levels.