Existing home sales post first year-over-year gain in three years

In welcome news for the housing market, existing home sales posted their first annual increase in over three years in October.

Existing home sales in October rose 3.4% to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors reported Thursday. But the more notable change was that home sales were up 2.9% on an annual basis, marking the first year-over-year increase since July 2021.