Existing home sales in the United States rose by 3.4% in October compared to the previous month and stood at a seasonally adjusted annual rate of 3.96 million, according to a report by the National Association of Realtors (NAR) released on Thursday. On an annual level, the sales advanced by 2.9%.
The median existing-home sales price for all housing types increased by 4% year-over-year to stand at $407,200. Total housing inventory at the end of October landed at 1.37 million units, climbing by 0.7% in comparison with the prior month and 19.1% compared to 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 commented. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand."
