WASHINGTON — U.S. existing home sales increased 1.7% year-on-year in October, with the median home price reaching $415,200, up 2.1% from the same period last year. However, homes spent an average of 34 days on the market, reflecting a slightly longer selling period.
Improved mortgage rates at the end of summer helped boost home sales, though analysts caution that the rise may be temporary, CNBC reports.
According to the National Association of Realtors, previously owned home sales rose 1.2% from September to October, reaching 4.1 million units seasonally adjusted on an annual basis, and marked a 1.7% increase compared to October 2024.
The data is based on closed transactions, meaning most contracts were likely signed in August and September. While contract signings were unaffected by the government shutdown that began in October, closings—especially those requiring flood insurance or rural government-backed mortgages—could experience delays.
During the contract-signing period, the 30-year fixed mortgage rate fluctuated slightly. Rates started at 6.63% in August, dipped to 6.13% by mid-September, and rose again to 6.37% by month-end, according to Mortgage News Daily.
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