Existing-Home Sales Increased to 3.96 million SAAR in October


by Calculated Risk on 11/21/2024 10:51:00 AM

Today, in the CalculatedRisk Real Estate Newsletter: NAR: Existing-Home Sales Increased to 3.96 million SAAR in October

Excerpt:

As expected, existing home sales were up year-over-year for the first time since 2021. This was a combination of weak sales in October last year and lower mortgage rates in August and September when contracts were signed (Existing home sales are reported at closing).

The sales rate was above the consensus forecast (but at housing economist Tom Lawler’s estimate).

Sales Year-over-Year and Not Seasonally Adjusted (NSA)

Existing Home Sales Year-over-yearThe fourth graph shows existing home sales by month for 2023 and 2024.

Sales increased 2.9% year-over-year compared to October 2023. This was the first year-over-year increase since July 2021.



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