Existing home sales rose to an eight-month high in October as buyers took advantage of lower mortgage rates, according to the National Association of Realtors (NAR). Resale inventory improved from a year ago but remained below pre-pandemic levels. Relatively tight supply continued to push home prices higher and challenge housing affordability. …Mortgage rates hovered between 6.5% and 7% earlier this year due to economic and tariff uncertainty. However, with the Fed resuming rate cuts in September, mortgage rates have fallen gradually. As of October 30th, the average mortgage rate decreased to 6.17%, the lowest in over a year. …Total existing home sales, including single-family homes, townhomes, condominiums, and co-ops, rose 1.2% to a seasonally adjusted annual rate of 4.10 million in October, the highest level since February. On a year-over-year basis, sales were 1.7% higher than a year ago.