Existing Home Sales rose 3.4% in October to a pace of 3.96 million units, beating expectations. This marks a 2.9% increase from last year, the first annual gain in three years, though sales remain below the normal 5 million level. The rise reflects the shopping done in August and September when rates were lower, but sales could slow in future reports as rates have risen again.
Inventory grew slightly to 1.37 million units, up 19% year over year but still tight, with a 4.2-month supply below the balanced 4.6 months. Homes stayed on the market for 29 days on average, and 29% of homes sold above list price, showing strong demand and bidding wars in some areas.
The median home price rose to $407,200, up 4% year over year. First-time buyers made up 27% of sales, while cash buyers dropped to 27%, and investors rose to 17%. Redfin reported a 17% jump in homebuyer interest post-election, the highest in 15 years, which could signal more activity ahead.
Source : https://bit.ly/49RYh6M
By: Jon Iacono