October Brings Good News for Homebuyers

Good news for those hunting for a home! In October, the number of existing homes sold jumped by 3. 4%. This is the first time in three years that sales have gone up from one year to the next. Experts say this might be the end of the home sales slump. There were more homes up for grabs compared to last year, which could explain why more people were able to buy. Even though prices are still climbing, they’re doing so at a slower pace. This means homeowners are seeing their wealth grow, but there’s hope for buyers that prices might stabilize soon.

It’s interesting to note that the average time a home stayed on the market was 29 days, a bit longer than last year. First-time buyers made up 27% of sales, which is a slight increase from last month but still lower than last year. Cash buyers and investors were also more active this October. In different parts of the country, the story was similar. Sales went up in all regions, with the biggest jump in the Midwest. Prices also climbed in every region, with the West seeing the highest increase. One thing to keep in mind is that while mortgage rates have come down a bit, they’re still high compared to recent years. This could make it tough for some people to get a loan.

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