US Real Estate

Existing Home Sales Log First Year-Over-Year Increase in More Than 3 Years

The increase in sales was quickly followed by a rise in mortgage rates and diminishing demand.
Existing Home Sales Log First Year-Over-Year Increase in More Than 3 Years
A 'For Sale' sign displayed in front of a home in Miami, Fla., on Feb. 22, 2023. Joe Raedle/Getty Images
Mark Gilman
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It’s been a mixed bag for the U.S. housing market, as positive numbers showing an increase in home sales in October were quickly followed by a rise in mortgage rates and diminishing demand.

A short-lived drop in mortgage rates in September led to a 3.4 percent increase in home sales, to 3.96 million in October, according to the monthly report released by the National Association of Realtors (NAR) on Nov. 21. Year over year, the sales rose by 2.9 percent, the first since July 2021.
Mark Gilman
Mark Gilman
Author
Mark Gilman is a media veteran, having written for a number of national publications and for 18 years served as radio talk show host. The Navy veteran has also been involved in handling communications for numerous political campaigns and as a spokesman for large tech and communications companies.