US existing home sales for October 3.96M versus 3.93M

• Prior month 3.84M annualized rate revised to 3.83M
• Existing home sales percentage change +3.4% versus -1.3% last month (revisor -1.0%
• Up 2.9% from October last year
• 30 year mortgage 7.05% which is up from 6% at September lows
• Inventories 4.2 months which is still low. That is down from 4.3% last month, but up from 3.6 months a year ago.
• median price $407,200, up 4% from October 2023. This is the16 consecutive month of year-over-year price gains
• All-cash sales 27% which is still historically high
• First-time buyers 27% versus 40% historically

According to NAR Chief Economist Lawrence Yun,

“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions. Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”.

Yun added:

“The ongoing price gains mean increasing wealth for homeowners nationwide. Additional inventory and more home building activity will help price increases moderate next year.”

Regionally:

• Northeast

  • Sales: Up 2.2% from September, annual rate of 470,000 (flat YoY).
  • Median price: $472,900, up 7.6% YoY.

• Midwest

  • Sales: Up 6.7% from September, annual rate of 950,000 (up 1.1% YoY).
  • Median price: $305,300, up 7.2% YoY.

• South

  • Sales: Up 2.9% from September, annual rate of 1.77 million (up 2.3% YoY).
  • Median price: $361,200, up 0.9% YoY.

• West

  • Sales: Up 1.3% from September, annual rate of 770,000 (up 8.5% YoY).
  • Median price: $627,700, up 4.4% YoY.

This article was written by Greg Michalowski at www.forexlive.com.