A brief excerpt:
After the National Association of Realtors® (NAR) releases the monthly existing home sales report, I pick up additional local market data that is reported after the NAR. This is the final look at local markets in October.
The big story for October was that existing home sales increased year-over-year (YoY) for the first time since July 2021. However, sales in October, at 3.96 million on a seasonally adjusted annual rate basis (SAAR) were still historically low. This YoY increase was a combination of weak sales in October 2023 and lower mortgage rates in August and September when contracts were signed (Existing home sales are reported at closing). The mortgage rates in August, September and October were the lowest mortgage rates in 2 years!
Also, regionally, inventory continues to increase sharply in Florida and Texas.
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Here is a look at months-of-supply using NSA sales. Note the regional differences, especially in Florida and Texas (although October statistics in Florida were impacted by Hurricane Milton). This pickup in inventory is impacting prices in Florida.
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Many more local markets to come!
There is much more in the article.