(The Center Square) – Sales of existing homes climbed 1.2% in October, according to a report released Thursday by the National Association of Realtors.
The 1.2% increase in existing-home sales is equal to a seasonally adjusted annual rate of 4.10 million in October. Unsold inventory dropped 0.7% to 1.52 million units. That’s equal to 4.4 months’ supply. A six-month supply is generally considered a balanced market.
Year-over-year, existing home sales were up 1.7%. Prices were also up. The median sales price increased 2.1% to $415,200.
“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” NAR Chief Economist Lawrence Yun said.
Sales shrank at the low end of the market, with home sales below $100,000 falling 2.8%. For homes priced between $100,000 and $250,000, sales climbed less than 1%. Sales of homes priced between $250,000 and $500,000 gained 5%.
Realtors reported even bigger gains at the upper end of the housing market. For homes priced between $500,000 and $750,000, the increase was 6.3%. Sales increased 10.2% for homes priced between $750,000 and $1 million. And home sales above $1 million jumped 16.4%.
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Earlier this month, the median age of a first-time home buyer reached a record high of 40, according to a report from the National Association of Realtors.
The median age of first-time buyers increased to 40 this year from 38 the previous year. In the 1980s, the typical first-time home buyer was in their late 20s,” according to NAR’s 2025 Profile of Home Buyers and Sellers.