USA: Existing home sales up 3.4% in October

(CercleFinance.com) - Existing home sales in the US rose by 3.
4% in October 2024 compared with the previous month, to a seasonally adjusted annual rate of 3.96 million, according to the National Federation of Realtors (NAR).

The latter also points out that sales were up 2.9% on the same month last year, the first year-on-year increase in over three years (+1.8% in July 2021).

'The worst of the decline in home sales could be over, as rising inventories lead to an increase in transactions', according to the NAR, which expects growing demand for housing thanks to strong employment and the economy.

The median sales price of existing homes rose 4% from October 2023 to $407,200, and the inventory of unsold existing homes stood at 1.37 million, representing 4.2 months of inventory at the run-off rate.

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