Existing Home Sales Inch Higher but Stay Near Historic Lows

Existing-home sales in October showed a slight but meaningful improvement, rising 1.2% to a 4.10-million annual pace, a level that is 1.7% higher than last year but still far below historical norms. Easing mortgage rates helped bring more buyers back into the market, even as the recent government shutdown temporarily disrupted economic data and delayed decision-making for some. NAR Chief Economist Lawrence Yun said lower borrowing costs gave shoppers a bit more flexibility, but he emphasized that the market remains divided by region. The Northeast continues to face extremely tight supply and fast-rising prices, the West remains constrained by high home values that keep many buyers from qualifying, while the Midwest and South posted steadier gains thanks to better affordability and a rising number of homes for sale.

Nationally, inventory reached 1.52 million homes, up nearly 11% from a year earlier, offering more options for buyers who had been stuck with limited choices for years. Still, supply remains below what is considered healthy, and the typical home spent 34 days on the market—slightly longer than last year as buyers remain cautious. Prices continued their long climb, with the median existing-home price hitting $415,200, marking the 28th straight month of annual increases. First-time buyers made up 32% of purchases, a small improvement but still lower than historical averages, while cash buyers and investors continued to play a notable role.

The October numbers suggest that the market may be settling into a new floor rather than slipping further. Softer mortgage rates, slowly improving affordability, and rising new listings are helping stabilize activity after two years of unusually weak sales. Still, high prices and ongoing rate lock-in among existing homeowners mean that any recovery will be gradual rather than sudden. If mortgage rates continue to drift lower into early 2026, analysts expect small but continued gains—but a true rebound will require both stronger affordability and more homeowners willing to list their properties.

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