Current-home gross sales rose 3.4% in October. Gross sales improved in all 4 main U.S. areas. Yr-over-year, gross sales elevated in three areas however have been unchanged within the Northeast. https://t.co/yYgyAlry7W
— Nationwide Affiliation of REALTORS® (@nardotrealtor) November 21, 2024
Is the US housing market about to take off?
NAR’s chief economist Lawrence Yun advised that the US housing market could also be at a turning level. “The worst of the downturn in house gross sales might be over, with rising stock resulting in extra transactions,” he stated in remarks accompanying the affiliation’s launch.
“Further job positive factors and continued financial progress seem assured, leading to rising housing demand. Nevertheless, for many first-time homebuyers, mortgage financing is critically vital. Whereas mortgage charges stay elevated, they’re anticipated to stabilize.”
Mortgage charges have crept again upwards in latest weeks after sliding through the summer time – though at 6.78%, the typical 30-year fixed-rate mortgage sits considerably beneath the 7.44% charge seen on the similar time final yr.
The Midwest noticed the strongest acceleration in existing-home gross sales in October, recording a 6.7% month-over-month enhance to an annual charge of 950,000. Within the Northeast, gross sales ticked 2.2% larger, whereas the South registered a 2.9% bounce over September. Within the West, existing-home gross sales have been 1.3% larger on a month-to-month foundation and up 8.5% over the identical time final yr.
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