## FAQ

### 1. What contributed to the rebound in existing home sales in October?
Buyers took advantage of low mortgage rates that briefly reached a 2-year low in late September, leading to the first annual increase in more than three years.

### 2. How did the first-time buyer share change in October?
The first-time buyer share rose to 27% in October, up from 26% in September but down from 28% in October 2023.

### 3. What was the median sales price of all existing homes in October?
The median sales price of all existing homes was $407,200 in October, marking a 4.0% increase from the previous year.

### 4. Which geographic regions saw an increase in existing home sales in October?
All four regions saw an increase in existing home sales in October, ranging from 1.3% in the West to 6.7% in the Midwest.

## Conclusion

The real estate market showed signs of improvement in October with a rebound in existing home sales and the first annual increase in over three years. Low mortgage rates and improving inventory levels contributed to this positive trend. With the Federal Reserve’s easing cycle expected to continue, we anticipate further growth in sales activity and a slowdown in home price growth, promoting affordability for buyers. Overall, the outlook for the real estate market appears optimistic as we head into the coming quarters.