Existing home sales increased 1.2% in October to a seasonally adjusted annual rate of 4.10 million, according to the National Association of Realtors. Year-over-year, sales increased 1.7%. Month-over-month sales increased in the Midwest and South, showed no change in the Northeast, and fell in the West. Year-over-year sales rose in the Northeast, Midwest and South, and decreased in the West.
“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” said NAR Chief Economist Lawrence Yun. “First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices. First-time buyers fared better in the Midwest because of the plentiful supply of affordable houses and in the South because there is sufficient inventory.”
Total housing inventory registered at the end of October was 1.52 million units, down 0.7% from September but up 10.9% from one year ago (1.37 million). Unsold inventory sits at a 4.4-month supply at the current sales pace, down from 4.5 months in September but up from 4.1 months in October 2024.
The median existing home price for all housing types in October was $415,200, up 2.1% from one year ago ($406,800), the 28th consecutive month of year-over-year price increases.
Distressed sales, foreclosures and short sales, represented 2% of sales in October, unchanged from a month ago and October 2024.
Read the NAR release.
