US Existing Home Sales Rise 1.2% in October

Sales of previously occupied homes in the United States rose in October to their fastest pace since February, driven by a recent decline in mortgage rates that encouraged more buyers to enter the market.

The National Association of Realtors reported Thursday that existing home sales increased 1.2 percent from September to a seasonally adjusted annual rate of 4.10 million units. That figure marked a 1.7 percent gain compared with October 2023 and exceeded economists' expectations of about 4.09 million units, according to FactSet. The uptick reflects a modest recovery in a market that has struggled for much of the year.

The national median sales price for these homes climbed 2.1 percent from a year earlier, reaching $415,200. This continues a streak of 28 straight months of annual price increases, underscoring the persistent upward pressure on housing costs even amid slower transaction volumes.

The U.S. housing sector has faced challenges since 2022, when the average rate on a 30-year mortgage began rising sharply from pandemic-era lows near 3 percent. Those increases, which peaked above 7 percent last year, sidelined many potential buyers and contributed to a sharp drop in sales....