Existing home sales had another strong month in September, and month-on-month growth has now averaged 14% since June. But with housing demand easing back, and inventory getting ever tighter, that pace of growth cannot be sustained. We expect sales will fall back in the final quarter of the year, to around 5.8m annualised. But that would still mean a rise in sales of 7% over 2020, not bad in a year when the unemployment rate reached record highs.
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