Financial News: U.S. Existing Home Sales Rebound More Than Expected

U.S. Existing Home Sales Rebound More Than Expected In October

11/21/2024 - 10:19:00 (RTTNews)

(RTTNews) - Existing home sales in the U.S. rebounded by more than expected in the month of October, according to a report released by the National Association of Realtors on Thursday.

The report said existing home sales surged by 3.4 percent to an annual rate of 3.96 million in October after slumping by 1.3 percent to a revised rate of 3.83 million in September.

Economists had expected existing home sales to jump by 2.3 percent to a rate of 3.93 million from the 3.84 million originally reported for the previous month.

NAR said existing home sales in October were up by 2.9 percent compared to the same month a year ago, marking the first year-over-year increase since July 2021.

"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," he added. "While mortgage rates remain elevated, they are expected to stabilize."

The report also said housing inventory at the end of October totaled 1.37 million units, up 0.7 percent from 1.36 million units in September and up 19.1 percent from 1.15 million units a year ago.

The median existing home price in October was $407,200, up 4.0 percent compared to $391,600 in the same month last year, NAR said.

Next Tuesday, the Commerce Department is scheduled to release its report on new home sales in the month of October.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Eurozone Consumer Confidence Sinks To Lowest In 5 Months (01 hr(s), 27 min(s), 21 sec(s) ago)
(RTTNews) - Consumer sentiment in the euro area deteriorated more than expected to its lowest leve ...Full Story»

Treasury Announces Details Of Two-Year, Five-Year & Seven-Year Note Auctions (04 hr(s), 36 min(s), 21 sec(s) ago)
(RTTNews) - The Treasury Department on Thursday announced the details of this month's auctions ...Full Story»

U.S. Leading Economic Index Falls Slightly More Than Expected In October (05 hr(s), 13 min(s), 21 sec(s) ago)
(RTTNews) - A reading on leading U.S. economic indicators fell by slightly more than expected in t ...Full Story»

U.S. Existing Home Sales Rebound More Than Expected In October (05 hr(s), 32 min(s), 21 sec(s) ago)
(RTTNews) - Existing home sales in the U.S. rebounded by more than expected in the month of Octobe ...Full Story»

Philly Fed Index Unexpectedly Indicates Contraction In November (06 hr(s), 03 min(s), 21 sec(s) ago)
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regiona ...Full Story»

U.S. Weekly Claims Dip To Lowest Level In Over Six Months (06 hr(s), 06 min(s), 21 sec(s) ago)
(RTTNews) - The Labor Department released a report on Thursday unexpectedly showing a modest decre ...Full Story»

South African Reserve Bank Cuts Policy Rate To 7.75% (06 hr(s), 29 min(s), 21 sec(s) ago)
(RTTNews) - South Africa's central bank slashed its key interest rate for a second policy sess ...Full Story»

Philly Fed Index Unexpectedly Turns Negative In November (07 hr(s), 06 min(s), 21 sec(s) ago)
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regiona ...Full Story»