• October existing home sales rose 1.4 percent from September and 5.1 percent from a year ago, breaking a stretch of six straight monthly declines, according to the National Association of Realtors.
• The median, seasonally adjusted sale price of existing homes sold in October was $259,000, up 0.6 percent from September and 3.8 percent from a year ago.
• Inventory also rose in October, up 0.5 percent from September and and 2.7 percent year-over-year.

After six straight months of declines, a modest monthly bump in October existing home sales proves that even the housing market isn’t immune from the season of thanksgiving. It’s not a perfect report, but this good news is sorely needed for a housing market that has appeared thoroughly cooked at times over the past year. Gains were widespread nationwide, though admittedly up from relatively low levels and largely driven by condo sales rather than sales of more traditional single-family homes. Still, October data plasters over some raw spots in the market. Storm disruptions in September likely pushed many closings back a month, and the fact remains that one strong month doesn’t erase the months-long losing streak that looks likely to continue as buyer headwinds – including rising mortgage interest rates and rising home prices – strengthen in coming months. Mortgage interest rates remain very low by historic standards, and may have only recently begun garnering more attention as the housing market cools somewhat. But rates have been rising for almost exactly two years now, and it’s no coincidence that the current period of malaise in the existing sales market – first a gradual flattening in sales volumes, then a decline – coincides with this slow and steady march upward in mortgage rates. Still, when one door closes, another inevitably opens. Inventory has started to climb from very low levels, giving buyers a small but growing silver lining even as the sales forecast turns gloomier. Beyond rising rates, many speculated that suppressed inventory itself was a main factor in holding back sales, arguing that it’s difficult to meaningfully increase sales volumes when there is so little available to actually buy. As the market continues to shift, we’ll start to see how much water that theory holds, and if more inventory can help break the slowing sales cycle – or at the very least, help provide for a softer landing.