Existing-home sales increased by 1.2% in October, with month-over-month sales rising in the Midwest and South, remaining steady in the Northeast, and falling in the West. Year-over-year sales also saw an increase in the Northeast, Midwest, and South, while decreasing in the West. The median existing-home price for all housing types was $415,200, marking the 28th consecutive month of year-over-year price increases. Mortgage rates averaged 6.25% for a 30-year fixed-rate mortgage in October, down from the previous month and year. The National Association of REALTORS® Chief Economist noted that first-time homebuyers faced challenges in the Northeast due to a lack of supply and in the West due to high prices. However, the Midwest and South saw more success due to affordable housing and sufficient inventory. Existing-home sales data is based on transaction closings from Multiple Listing Services, not including changes in sales trends outside of MLSs. The annual rate represents what total sales for a year would be if the relative pace for that month were maintained for 12 months. The median price for condos/co-ops is typically higher due to concentration in higher-cost markets, though single-family homes usually sell for more in a specific area. Distressed sales, days on market, first-time buyers, all-cash transactions, and investors data come from a monthly survey for the NAR’s REALTORS® Confidence Index.

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– Barchart: NAR Existing-Home Sales Report Shows 1.2% Increase in