News

Existing home sales increased 3.4% in October and 2.9% from October 2023. Housing inventory rose to 1.37 million units, reflecting a 0.7% increase from September and a 19.1% boost from last year. The median existing home price was $407,200, up 4.0% from last year, with all four U.S. regions reporting price increases.

Single-family home sales rose 3.5% from September, with the median price increasing 4.1% from October 2023 to $412,200. Condo and co-op sales grew 2.7% in October but declined 7.3% from the previous year, with the median price up 1.6% from the prior year to $360,300.

Homes were typically on the market for 29 days in October, up from 28 days in September and 23 days in October 2023. First-time buyers made up 27% of sales, up slightly from 26% in September but down from 28% in October 2023. All-cash sales accounted for 27% of transactions in October, down from 30% in September and 29% a year ago. Meanwhile, investors or second-home buyers represented 17% of homes purchased in October, up from 16% in September and 15% a year ago. Distressed sales represented 2% of purchases in October, unchanged from the previous month and last year.