HOORAY HOUSING
11/25/2024 |
October existing home sales came in at a seasonally adjusted annualized rate of 3.96 million, up 2.9% Y-o-Y. This is the first year-over-year increase since 7/21! The rise is a result of very weak sales in 10/23 and lower mortgage rates in August/September when contracts were signed. Sales remain near their lowest level in decades. The best news, inventory is up 19.1% Y-o-Y, and price appreciation was just 4% Y-o-Y.