By Brett Rowland
The Center Square

Sales of existing homes climbed 1.2% in October, according to a report released Thursday by the National Association of Realtors.

The 1.2% increase in existing-home sales is equal to a seasonally adjusted annual rate of 4.10 million in October. Unsold inventory dropped 0.7% to 1.52 million units. That’s equal to 4.4 months’ supply. A six-month supply is generally considered a balanced market.

Year-over-year, existing home sales were up 1.7%. Prices were also up. The median sales price increased 2.1% to $415,200.

“Home sales increased in October even with the government shutdown due to homebuyers taking advantage of lower mortgage rates,” NAR Chief Economist Lawrence Yun said.

Sales shrunk at the low-end of the market, with home sales below $100,000 falling 2.8%. For homes priced between $100,000 and $250,000, sales climbed less than 1%. Sales of homes priced between $250,000 and $500,000 gained 5%.

Realtors reported even bigger gains at the upper end of the housing market. For homes priced between $500,000 and $750,000, the increase was 6.3%. Sales increased 10.2% for homes priced between $750,000 and $1 million. And home sales above $1 million jumped 16.4%.

Earlier this month, the median age of a first-time home buyer reached a record high of 40, according to a report from the National Association of Realtors.

The median age of first-time buyers increased to 40 this year from 38 the previous year. In the 1980s, the typical first-time home buyer was in their late 20s,” according to NAR’s 2025 Profile of Home Buyers and Sellers.