E
xisting-home sales in the US saw a year-over-year increase for the first time in three years, according to new data from the National Association of Realtors. Sales rose across all four major regions, with a 2.9% gain compared to October 2023.

    The total existing-home sales rate reached 3.96 million in October, up 3.4% from September and 2.9% year-over-year. Lawrence Yun, NAR Chief Economist, attributed the growth to increasing inventory and economic expansion, which should lead to more transactions. However, he noted that mortgage financing remains a challenge for first-time homebuyers.

    The median existing-home price rose 4.0% from October 2023 to $407,200, with all four regions experiencing price increases. Yun expects prices to moderate next year as inventory grows and new construction activity picks up.

    Properties typically stayed on the market for 29 days in October, up from 28 days in September but down from 23 days in October 2023. First-time buyers accounted for 27% of sales, while cash sales made up 27% of transactions. 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% one year ago. Single-family home sales increased 3.5% to a seasonally adjusted annual rate of 3.58 million in October, while existing condominium and co-op sales rose 2.7%.

    Regional markets saw varying growth: the Northeast experienced a 2.2% increase, the Midwest bounced back by 6.7%, the South climbed 2.9%, and the West increased 1.3%. Median prices also varied across regions, with the Northeast seeing a 7.6% gain and the West experiencing a 4.4% increase.