Existing-home sales swung to positive territory in October after falling for two months in a row, the National Association of REALTORS® (NAR) said.         

Specifically, sales rose 3.4% from September to a seasonally adjusted annual rate of 3.96 million. Year over year, sales were up 2.9% from 3.85 million in October 2023.   

The median existing-home price for all housing types in October was $407,200, up 4% from a year before. It was the 16th consecutive month of year-over-year gains.             

“The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. “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.” 

The 30-year, fixed-rate mortgage averaged 6.78% as of Nov. 14, according to Freddie Mac. That’s down from 6.79% a week before and 7.44% a year earlier.     

“The housing market is on track for its worst year in more than a decade,” said Molly Boesel, principal economist at CoreLogic. “The good news is, there’s nowhere to go but up. However, stubbornly high mortgage rates and strong home prices will continue to weigh down on the housing recovery. Any potential thaw in the housing market will likely happen only after the pending winter months.” 

By property type, single-family home sales rose 3.5% month over month and 4.1% year over year to a seasonally adjusted annual rate of 3.58 million. The median existing single-family home price was $412,200, up 4.1% on a year-over-year basis.  

Existing condominium and co-op sales rose 2.7% from September to an annual rate of 380,000. The median existing condo price was $360,300, up 1.6% from October 2023. 

Homes typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.