Lower Mortgage Rates Boost Resales
Source: Economics Group of Wells Fargo Bank, N.A.
Summary
Existing home sales rose 1.2% to a 4.1million-unit pace in October, the second straight monthly gain. Although resales remain sluggish relative to historical norms on account of adverse affordability conditions, activity has trended higher in recent months alongside a modest easing in mortgage rates. Increased supply is another support factor, with better availability pulling prospective buyers off the sidelines and keeping home price appreciation moderate.