In October, existing-home sales climbed to 3.96 million and grew on a year-over-year basis for the first time since July 2021. The median price of homes sold climbed and inventory also grew, keeping the market in roughly balanced territory.
But to really drive an improvement in inventory, we need to see more homebuilding. Fortunately, we saw an uptick in homebuilder optimism, which bodes well for the months ahead.
This week, mortgage rates climbed to 6.84%, and I expect them to be a headwind for home sales in early 2025.
From an inventory perspective, weekly housing data from Realtor.com shows that homes for sale continued to climb and momentum improved for new sellers, while listing prices slipped somewhat.
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