US Existing-Home Sales Rose to Eight-Month High in October (1)

Sales of previously owned homes in the US rose in October to the fastest pace in eight months, as buyers took advantage of lower mortgage rates and gained the upper hand over sellers in some markets.

Contract closings climbed 1.2% to an annual rate of 4.1 million last month, according to National Association of Realtors data released Thursday. Economists surveyed by Bloomberg expected a rate of 4.08 million. The median sales price gained 2.1% from a year ago to $415,200, extending a run of year-over-year price increases dating back to mid-2023.

The uptick in October sales ...