"Earlier in the year, I predicted that existing home sales would perform better than expected amid elevated mortgage rates. Since we were working with some of the lowest year-over-year comparisons in history from 2024, I anticipated growth from June to October in reports released from July to November. That's because our weekly Housing Market Tracker data was performing better in the early months of the year even with elevated rates."
"Total existing-home sales for October: 1.2% increase in existing-home sales, month-over-month to a seasonally adjusted annual rate of 4.10 million. 1.7% increase in sales year-over-year. It's important to note that it doesn't take much to move the needle when starting from the lowest levels of sales in history, especially once I adjust for population growth. As you can see in the chart below, we haven't gone lower in sales since late 2022, but we haven't really moved higher either."
Existing home sales increased 1.7% year-over-year in October, marking the fourth consecutive month of annual growth. Sales rose 1.2% month-over-month to a seasonally adjusted annual rate of 4.10 million. The median existing-home price climbed 2.1% year-over-year. Total housing inventory reached 1.52 million units, up 10.9% from October 2024 and down 0.7% from September, representing a 4.4-month supply of unsold homes. Mortgage rates have declined below the baseline used in many reports, supporting demand despite elevated rates earlier in the year. Weekly housing demand indicators showed stronger performance in early months, contributing to recent gains.
Read at www.housingwire.com
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