According to the National Association of Realtors, existing-home sales in the US grew for the fourth consecutive month in September 2020. Each of the four major regions witnessed month-over-month and year-over-year growth, with the Northeast seeing the highest climb in both categories.

Total home sales rose 9.4% in September, compared to August, to a seasonally adjusted annual rate of 6.5m. Overall sales rose annually, up 21% from a year ago (5.4m in September 2019).

“Home sales traditionally taper off toward the end of the year, but in September they surged beyond what we normally see during this season,” said Lawrence Yun, NAR's chief economist. “I would attribute this jump to record-low interest rates and an abundance of buyers in the marketplace, including buyers of vacation homes given the greater flexibility to work from home.”

Total housing inventory at the end of September was 1.47m units, down 1.3% from August and down 19.2% from one year ago (1.82m). Unsold inventory sits at a 2.7-month supply at the current sales pace, down from 3.0 months in August and down from the 4.0-month figure recorded in September 2019.

“There is no shortage of hopeful, potential buyers, but inventory is historically low,” Yun added.