October Sees First Annual Rise in US Home Sales in Over Three Years

Home sales in October saw a 3.4% increase from September, driven by a drop in mortgage rates, marking the first annual rise in over three years. The National Association of Realtors reported a seasonally adjusted rate of 3.96 million units sold, with inventory increasing by 19.1% from the previous year. Despite higher mortgage rates now at 7.05%, demand remains strong, particularly after the election, as potential buyers re-enter the market. However, first-time buyers and cash purchases have decreased, and inventory remains below pre-Covid levels.