Existing Home Sales Spike—Especially In This Region—As Mortgage Rates Ease

ByMartina Castellanos,

Contributor.

Existing home sales reached an eight-month high in October as easing mortgage rates pulled more buyers back into the market even while limited inventory kept prices climbing across every region.

The National Association of Realtors (NAR) reported on Thursday that existing home sales rose 1.7% year over year in October to an annualized rate of 4.1 million units.

Home sales most sharply increased in the Midwest (5.3%), rose slightly in the South (0.5%) and held steady in the Northeast.