US existing-home sales gained momentum in October

U.S. existing-home sales posted their fastest gain in eight months in October, signaling tentative momentum in a sluggish housing market long stuck near historic lows, Bloomberg writes. 

Contract closings rose 1.2% to an annualized 4.1 million—slightly above expectations—while the median price climbed 2.1% to $415,200, extending more than a year of year-over-year increases.

Buyers benefited from mortgage rates easing into the mid-6% range after nearing 7% in May, with the strongest activity in higher-end homes above $750,000. Inventory dipped 0.7% to 1.52 million, and homes spent 34 days on the market, the longest for any October since 2019.

Economists say a more meaningful demand revival would require deeper rate declines and a much larger supply increase. Regionally, the Midwest led with a 5.3% gain; the South rose 0.5%, while the West fell. First-time buyers edged up to 32% of sales.

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