W
ASHINGTON (November 21, 2024) – Existing-home sales saw an uptick in October, according to the National Association of REALTORS. Sales improved across all four major U.S. regions, with year-over-year gains in three regions and no change in the Northeast.
Total existing-home sales rose 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales increased by 2.9%. "The worst of the downturn in home sales may be over," said NAR Chief Economist Lawrence Yun, citing increasing inventory and growing housing demand.
Total housing inventory stood at 1.37 million units as of October, up 0.7% from September and 19.1% from a year ago. Unsold inventory sat at a 4.2-month supply, down from 4.3 months in September but up from 3.6 months in October 2023.
The median existing-home price for all housing types was $407,200 in October, up 4.0% from the previous year. All four U.S. regions saw price increases, with Yun noting that ongoing price gains mean increasing wealth for homeowners nationwide.
Properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023. First-time buyers accounted for 27% of sales in October, down from 28% a year ago. Cash sales made up 27% of transactions, while individual investors or second-home buyers purchased 17% of homes.
The 30-year fixed-rate mortgage averaged 6.78% as of November 14, down from 7.44% a year ago. Single-family home sales accelerated to a seasonally adjusted annual rate of 3.58 million in October, up 4.1% from the prior year. Existing condominium and co-op sales extended by 2.7% in October.
Regional breakdowns showed existing-home sales growing in the Midwest (6.7%), South (2.9%), and West (1.3%) but unchanged in the Northeast. The median price increased in all four regions, with the largest gain seen in the Northeast (7.6%).
