The National Association of REALTORS® (NAR) reported that existing home closings rose 1.2% from September to October, slightly above expectations, and were 1.7% higher than a year ago. Inventory dipped to 1.52 million units but remained nearly 11% above last year’s level.
What’s the bottom line?
Because October closings reflect buyers who were shopping in August and September, this data captures only part of the recent rate declines. That means upcoming reports may show even stronger activity. As NAR Chief Economist Lawrence Yun noted, “Home sales increased in October even with the government shutdown due to homebuyer staking advantage of lower mortgage rates.”
