Sales of existing homes increased month-over-month by 1.2% in October, according to the National Association of Realtors Existing-Home Sales Report. Year-over-year, existing-home sales increased by 1.7% and the median existing-home sales price grew 2.1% to $415,200.
Month-over-month existing-home sales increased in the Midwest and South, remained the same in the Northeast, and decreased in the West. Year-over-year sales increased in the Northeast, Midwest and South, and fell in the West, according to the report.
Surprisingly, home sales increased in October despite the government shutdown, most likely due to buyers taking advantage of decreased mortgage rates, said NAR Chief Economist Lawrence Yun. “First-time homebuyers are facing headwinds in the Northeast due to a lack of supply and in the West because of high home prices. First-time buyers fared better in the Midwest because of the plentiful supply of affordable houses and in the South because there is sufficient inventory,” he added.
