Existing-home sales increased by 3.4% in October, marking the first year-over-year rise in over three years.

From GlobeNewswire: 2024-11-21 10:00:00

Existing-home sales rose 3.4% in October to 3.96 million, a 2.9% increase from last year, marking the first year-over-year rise in over three years. The median home price increased 4.0% to $407,200, the 16th consecutive month of gains. Inventory rose 0.7% to 1.37 million homes, representing a 4.2-month supply. Sales improved in all major regions, with the West leading with an 8.5% increase. First-time buyers accounted for 27% of sales. Cash sales dropped to 27%, while distressed sales remained at 2%. Mortgage rates averaged 6.78%, down from 7.44% last year. Existing-home sales data from the National Association of Realtors (NAR) is based on transaction closings from Multiple Listing Services, capturing over 90% of total home sales. The annual rate for a particular month represents what the total number of sales for a year would be if the relative pace for that month were maintained. Median prices are more typical of market conditions than average prices, with valid comparisons only possible with the same period a year earlier. Survey results from NAR’s REALTORS® Confidence Index represent primary residence purchases, excluding investor and vacation home buyers. Data on distressed sales, days on market, first-time buyers, all-cash transactions, and investors are also available from the monthly survey.



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