A higher number of existing homes were sold last month after September’s mortgage rate decline triggered an interest in buying activity, according to a Nov. 15 report from real estate brokerage Redfin.
Existing home sales rose by 1.6 percent month over month in October, the largest monthly gain since January 2022, according to the report. On an annual basis, sales increased by 1.7 percent, the first yearly gain since November 2021.
