A higher number of existing homes were sold last month after September’s mortgage rate decline triggered an interest in buying activity, according to a Nov. 15 report from real estate brokerage Redfin.
Existing home sales rose 1.6 percent month-over-month in October, the report said, which is the largest monthly gain since January 2022. On an annual basis, sales increased 1.7 percent, the first yearly gain since November 2021.
Overall home sales, including both existing and newly-built properties, rose on a monthly and annual basis. The increase in sales came despite the median home sales price rising 5.2 percent year-over-year in October to hit $435,313, the largest yearly gain in six months….