Existing-Home Sales Rise Despite Government Shutdown
Existing-home sales climbed in October to their highest level in eight months, defying the headwinds of a government shutdown. Buyers capitalized on improved mortgage rates and ample inventory, pushing the seasonally adjusted annual rate to 4.1 million—a 1.7% year-over-year increase. This marks the fourth consecutive month of growth, signaling resilience in the housing market.
Mortgage rates averaged 6.25% in October, down from 6.43% a year earlier, while inventory held steady at 4.4 months of supply. The shutdown's impact was muted, with few deals stalled by delays in government-backed loan approvals. Yet broader challenges persist: sales remain NEAR decade lows as affordability constraints and elevated interest rates deter potential buyers.
