US Existing-Home Sales Increase 3.4% in October

On Thursday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—increased 3.4% to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales increased 2.9%, up from 3.85 million in October 2023—the first annual gain since July 2021.

Sales improved in all four regions in October. Year-over-year, sales increased in three regions but were unchanged in the Northeast.

Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million units). Unsold inventory sits at a 4.2-month supply at the current sales pace, 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 in October was $407,200, up 4.0% from a year earlier, when the median price was $391,600. All four regions registered price increases.

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.