U.S. existing-home sales rose 3.4% month-over-month and 2.9% year-over-
year to a seasonally adjusted annual rate of 3.96 million units, exceeding
economists’ expectations for the month and marking the first annual gain since
July 2021, according to the National Association of REALTORS® (NAR). Lower
mortgage rates in late summer and early fall helped sales increase across all
four regions.
New Listings increased 30.5 percent to 107. Pending Sales were up 30.9
percent to 106. Inventory levels grew 12.9 percent to 568 units.
Prices continued to gain traction. The Median Sales Price increased 14.5
percent to $252,000. Days on Market was down 20.0 percent to 60 days.
Buyers felt empowered as Months Supply of Inventory was up 12.8 percent to
5.3 months.
The number of homes for sale continues to improve nationwide, climbing 0.7%
month-over-month and 19.1% year-over-year to 1.37 million units heading into
November, for a 4.2-month supply at the current sales pace, according to NAR.
Despite a wider selection of properties on the market, sales prices have
remained strong at the national level, with a median existing-home price of
$407,200 as of last measure, a 4% increase from the same time last year.
Curious about the current value of your home? Don’t hesitate to reach out to a
member of the Kira Witherwax Team at RE/MAX North Country.
To view the full Market Report for October, download the link below.
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