Existing home sales surged in October, a stark contrast to the sluggish market seen in previous months. The recent easing of mortgage rates has revitalized the housing market, drawing more buyers into the scene despite lingering inventory constraints.
According to data from the National Association of Realtors (NAR), existing home sales rose 1.7% year-over-year to an annualized rate of 4.1 million units. This represents the highest level of existing home sales in eight months.
Regional breakdowns reveal that Midwest home sales skyrocketed by 5.3%, while Southern states saw a slightly lower increase of 0.5%. Conversely, Western states experienced a decline of 1.3%. Despite this, all regions posted significant annual price gains, with the Northeast boasting an impressive 6.5% jump.
Home prices across various regions showed considerable variation, with the West leading the pack at $628,500 on average and the Midwest sitting at $319,500. The nationwide median home price came in at $415,200.
NAR Chief Economist Lawrence Yun shed light on the recent surge in home sales. "Homebuyers took advantage of lower mortgage rates, driving home sales higher even during the government shutdown," he noted. Notably, first-time buyers had an easier time finding affordable housing options in the Midwest and South due to sufficient inventory.
According to data from the National Association of Realtors (NAR), existing home sales rose 1.7% year-over-year to an annualized rate of 4.1 million units. This represents the highest level of existing home sales in eight months.
Regional breakdowns reveal that Midwest home sales skyrocketed by 5.3%, while Southern states saw a slightly lower increase of 0.5%. Conversely, Western states experienced a decline of 1.3%. Despite this, all regions posted significant annual price gains, with the Northeast boasting an impressive 6.5% jump.
Home prices across various regions showed considerable variation, with the West leading the pack at $628,500 on average and the Midwest sitting at $319,500. The nationwide median home price came in at $415,200.
NAR Chief Economist Lawrence Yun shed light on the recent surge in home sales. "Homebuyers took advantage of lower mortgage rates, driving home sales higher even during the government shutdown," he noted. Notably, first-time buyers had an easier time finding affordable housing options in the Midwest and South due to sufficient inventory.
! I mean, 1.7% year-over-year growth is crazy, especially after all the slow months we've seen lately 
. The fact that mortgage rates dropped and people are jumping on it like there's no tomorrow 
is a huge relief for many first-time buyers out there. Lawrence Yun says homebuyers were super eager to snag deals while the government shutdown happened, which makes total sense 
. The Midwest and South getting all the love with affordable housing options is a win-win 
. I'm keeping an eye on this market, it's looking pretty rosy for sellers right now 
...as Albert Einstein once said, "Not everything that can be counted counts, and not everything that counts can be counted." It's interesting to see how home sales are picking up, especially with the government shutdown! 
. I'm curious to see how this trend will play out, are we gonna see more sales and prices skyrocketing or will things calm down? One thing for sure, it's all about the buyers now 
Home prices are totally on fire 
? It's like the whole market is getting a cool 
️ pick-me-up 
. Midwest homes are looking super affordable 
at $319,500, and first-time buyers in the South are having an easy time finding their dream home 
That's like paying for a new car 
every month! The Northeast and Midwest are doing pretty well too, but let's be real, that 6.5% price jump in the Northeast is 
!
. People are finally able to afford a house without breaking the bank. I'm not surprised the Midwestern states saw a huge spike tho - those prices are still super cheap compared to Cali 
. Anyone considering buying now? Just hope they're not biting off more than they can chew with all these low rates...