• Existing-home sales climbed 3.4% in October to a seasonally adjusted annual rate of 3.96 million. Sales advanced 2.9% from one year ago, the first year-over-year increase in more than three years (July 2021; +1.8%).
• The median existing-home sales price ascended 4.0% from October 2023 to $407,200, the 16th consecutive month of year-over-year price gains.
• The inventory of unsold existing homes edged higher by 0.7% from the prior month to 1.37 million at the end of October, or the equivalent of 4.2 months' supply at the current monthly sales pace.

Zillow’s latest forecast calls for home value appreciation to hold firm in the coming months and rent growth to soften in 2025, even as the outlook for mortgage rates has worsened in recent weeks. Expectations for improvements in home sales activity is the primary catalyst. 

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Home buyers are gaining leverage in negotiations across the U.S. as competition over homes eased in October. Zillow’s market heat index shows competition nationwide remains in neutral, balanced territory, but is creeping closer to becoming a buyers market as the shopping season winds down. 

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