Existing-home sales rose 3.4% in October to a seasonally adjusted annual rate of 3.96 million. Sales advanced 2.9% from one year ago, the first year-over-year increase in more than three years (July 2021). Sales improved in all four major U.S. regions according to the National Association of Realtors (NAR).
“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
The median existing-home price3 for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.
Distressed sales – foreclosures and short sales – represented 2% of sales in October, unchanged from last month and the previous year.
Read the NAR release.
