U.S. existing home sales rose 1.2% in October to a seasonally adjusted annual rate of 4.10 million units, beating economists’ forecast of 4.08 million.

Home sales grew 1.7% compared to October of the previous year.

Driving the news: Lower mortgage rates, following Federal Reserve rate cuts, helped boost buyer activity, though rates have recently stabilized amid signals that further cuts may not come soon. • Rising unemployment and persistently high home prices continue to constrain the housing market. • The National Association of Realtors (NAR) noted increased sales even during the government shutdown.

By the numbers: Inventory of existing homes increased 10.9% year-over-year to 1.52 million units but remains below pre-pandemic levels. • The median existing home price rose 2.1% y

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