Home sales rose 3.4% in October, reaching an annualized rate of 3.96 million units, marking the first annual increase in over three years. This surge followed a drop in mortgage rates, although current rates have climbed to 7.05%. Inventory increased by 19.1% year-over-year, but tight supply continues to pressure prices, with the median home price at $407,200, up 4% from last year.
Mortgage rates have stabilized, with the average 30-year fixed rate at 6.78% as of mid-November, offering some relief to homebuyers amid market volatility. Experts predict rates will remain in the 6% range into 2025, influenced by economic growth and potential Federal Reserve actions. Homeowners may benefit from refinancing, especially if they secured loans at higher rates last year, as home equity continues to rise significantly.
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