Core Insights - Improvement in mortgage rates at the end of summer led to a boost in home sales, but this increase may be temporary [1] Sales Performance - Sales of previously owned homes in October increased by 1.2% from September, reaching 4.1 million units on a seasonally adjusted annualized basis, and were up 1.7% year over year [1] Contract Signings and Closings - The count of home sales is based on closings, which likely reflects contracts signed in August and September; however, closings may be affected by the government shutdown that began in October [2] Mortgage Rates - During the contract-signing period, the average rate on the 30-year fixed mortgage decreased from 6.63% at the start of August to 6.13% by mid-September, before rising again to 6.37% by the end of September, and currently stands at 6.36% [3] Inventory Levels - The inventory of homes for sale decreased to 1.52 million units, down 0.7% from September, although it remains nearly 11% higher than a year earlier; at the current sales pace, there is a 4.4-month supply, which is still considered lean [4]