Small Steps Higher, Same Stubbornly Low Territory for Existing Home Sales

Core Insights - Existing-home sales increased by 1.2% in October to a seasonally adjusted annual rate of 4.10 million, marking a 1.7% rise compared to the previous year, driven by lower mortgage rates [1][6] - The market is stabilizing at a higher level than seen in 2023, with softer mortgage rates and improved affordability contributing to this trend [6] Regional Breakdown - Northeast: Sales at 490k (0.0% change), median price at $503,700 (+6.5% YoY) [4] - Midwest: Sales at 990k (+5.3% change), median price at $319,500 (+4.6% YoY) [4] - South: Sales at 1.86 million (+0.5% change), median price at $362,300 (+0.3% YoY) [4] - West: Sales at 760k (-1.3% change), median price at $628,500 (+0.1% YoY) [4] National Market Statistics - Total housing inventory stands at 1.52 million units (down 0.7% from September, up 10.9% YoY) [7] - Median existing-home price is $415,200 (up 2.1% YoY) [7] - Average 30-year mortgage rate decreased to 6.25% from 6.35% in September [7] - First-time home buyer share increased to 32% from 30% last month [7]