Existing-Home Sales Rose 3.4% in October

Washington, DC, November 21, 2024-Total existing-home sales expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October, according to the National Association of Realtors. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).

"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 price 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.

"The ongoing price gains mean increasing wealth for homeowners nationwide,” Yun added. "Additional inventory and more home building activity will help price increases moderate next year.”