By Melissa Dittmann Tracey | REALTOR Mag
The real estate market may be showing signs of a shift following two years of falling home sales. National Association of REALTORS® Chief Economist Lawrence Yun believes the latest housing indicators show “the worst of the downturn in home sales could be over.”
Yun points to gradually rising housing inventory, which is finally giving prospective home buyers more options to choose from after years of record low supply. “Additional job gains and continued economic growth appear assured, resulting in growing housing demand,” Yun adds.
Existing-home sales, which account for completed transactions for single-family homes, townhomes, condos and co-ops, rose 3.4% in October compared to September, NAR reported Thursday. But possibly the most hopeful indicator that a turnaround is taking shape: Existing-home sales are now up nearly 3% year over year—the first annual gain since July 2021.
