Sales of previously owned homes rose 3.4% in October, marking the first year-over-year gain since July 2021, driven by a brief dip in mortgage rates.
"October data show that mortgage rates continue to be an important mediator of home sales activity," says Realtor.com chief economist Danielle Hale.
Median home prices rose 4% year-over-year to $407,200, marking a persistent trend with 16 consecutive months of price increases.
The supply of unsold homes increased by 19.1% compared to last year, signaling a more favorable market for buyers amidst rising economic confidence.
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