The seasonally adjusted annual rate of existing-home sales rose 3.4% month over month in October to 3.96 million, marking the first annualized increase since July 2021.
NAR chief economist Lawrence Yun indicated that the worst of the downturn in home sales might be over, with increasing inventory leading to more transactions.
Despite a 4% annual increase in the median sales price, agents and consumers celebrated rising inventory levels, which totaled 1.37 million unsold homes.
Yun remarked that ongoing price gains mean increasing wealth for homeowners nationwide, and additional inventory along with increased home building activity will help moderate price increases.
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