Home Sales Tick Up, But Challenges Remain

Market Overview

• Sales Increase: Up 1.2% from September, reaching 4.1 million units annually.
• Year-over-Year Growth: 1.7% rise compared to October 2023.

Mortgage Rates Fluctuate

• 30-Year Fixed Mortgage Rates:
• August: 6.63%
• Mid-September: 6.13%
• End of September: 6.37%
• Current Rate: 6.36%

Inventory Challenges

• Supply Drop: 0.7% decrease from September to 1.52 million units.
• Year-over-Year Supply: 11% higher than last year.
• Current Supply: Only a 4.4-month supply of homes.

Price Trends

• Median Home Price: $415,200, up 2.1% from October 2023.
• 28th Consecutive Month of annual price increases.

Market Dynamics

• Days on Market: 34 days in October (up from 29 days in 2023).
• First-Time Buyers:
• 32% of sales (up from 27% last year).
• Regional Challenges:
• Northeast: Lack of supply.
• West: High home prices.
• Midwest & South: More affordable options.

Sales Growth by Price Range

• Above $1 Million: 16% increase.
• $750,000 - $1 Million: 10% increase.
• $100,000 - $250,000: 1% increase.
• Below $100,000: Nearly 3% drop.