Existing home sales in the US increased by 3.5% month-over-month, reaching a seasonally adjusted annualized rate of 3.96 million in October 2024.
US existing home sales rebound
This marked a recovery from the 14-year low of 3.83 million recorded in the previous month and slightly exceeded market expectations of 3.93 million. Sales rose across all four regions of the country. The median price of existing homes also saw a 4% increase, reaching $407,200, ending a three-month streak of declines.
Inventory grows too
Meanwhile, the inventory of unsold homes grew by 0.7% to 1.37 million, representing 4.2 months of supply at the current sales pace. NAR Chief Economist Lawrence Yun noted, "The worst of the downturn in home sales may be behind us, as rising inventory is leading to more transactions." He also highlighted that while job gains and continued economic growth are expected to boost housing demand, mortgage financing remains crucial for first-time buyers. Despite still-elevated mortgage rates, they are anticipated to stabilize.
