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).
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The sales rate was above the consensus forecast (but at housing economist Tom Lawler’s estimate).
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Sales Year-over-Year and Not Seasonally Adjusted (NSA)
The 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.
