Home Sales Slightly Uptick, Prices Still Rising
Update: 2025-11-20
Description
Home sales saw a slight uptick at the end of summer, driven by a temporary mortgage rate dip. Sales of previously owned homes in October rose by 1.2% from September, totaling 4.1 million units, a 1.7% year-over-year increase. These figures are based on home closings, which may have been delayed due to the government shutdown. Mortgage rates fluctuated during the key contract-signing period, starting at 6.63% in August, dropping to 6.13% in mid-September, and then climbing back up to 6.37% by the end of the month. Currently, the rate stands at 6.36%. Home inventory decreased to 1.52 million units, a 0.7% drop from September, but still 11% higher than last year. The tight supply continues to drive up home prices, with the median price in October at $415,200, a 2.1% increase from last year, marking 28 consecutive months of annual gains.
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