Existing-home sales grew 3.4% in October to a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors.
Sales grew 2.9% from October 2023 to October 2024—the first year-over-year increase since July 2021, according to NAR.
The median existing-home price for all housing types in October was $407,200, up 4.0% from October 2023. October was the 16th consecutive month of year-over-year home price gains.
Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and up 19.1% from October 2023.
"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” NAR Chief Economist Lawrence Yun said in a statement. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand.”
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