Sales of previously owned homes rose 1.2 percent month-over-month in October, according to new numbers from the National Association of Realtors. Year-over-year, sales were up in the Northeast, Midwest, and South, but down in the West. Lawrence Yun, NAR’s chief economist, says home buyers took advantage of lower mortgage rates during the month. “Home sales increased in October even with the government shutdown due to home buyers taking advantage of lower mortgage rates,” Yun said. “Rents are decelerating which will reduce inflation and encourage the Federal Reserve to continue cutting rates and pulling back their quantitative tightening. This will help bring more home buyers into the market since the Fed rate has an indirect impact on mortgage rates.” Also in the report, the median existing-home price for all housing types was up 2.1 percent year-over-year and is now $415,200. The annual increase marks the 28th consecutive month of year-over-year price increases. (source)
