Sales of previously owned homes in the US rose in October to the fastest pace in eight months, as buyers took advantage of lower mortgage rates and gained the upper hand over sellers in some markets.

Contract closings climbed 1.2% to an annual rate of 4.1 million last month, according to National Association of Realtors data released Thursday (November 20). Economists surveyed by Bloomberg expected a rate of 4.08 million. The median sales price gained 2.1% from a year ago to $415,200, extending a run of year-over-year price increases dating back to mid-2023.

The uptick in October sales — a period when the federal government shut down — was the second straight and points to a housing market showing some signs of life after remaining stuck around 4 million — a historically low level — for

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