U.S. housing market shows mixed recovery with rising sales but falling pending sales and high prices.

The US housing market showed mixed signs of recovery in October, with existing home sales rising 1.6%, marking the largest monthly gain since January 2022, driven by lower mortgage rates. However, pending home sales fell 1.1% as rates rose to 6.72%. Home prices remain high, averaging $404,500, making it difficult for first-time buyers. Despite some improvement, the market is still expected to have its worst year since 1995. The National Association of Realtors' chief economist predicts mortgage rates to stay between 5.5%-6.5% in the coming years.

4 months ago
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