Home Sales Surge Despite Government Shutdown

Home sales surged in October, with a 1.2% increase from September, reaching a seasonally adjusted annual rate of 4.1 million sales. The Midwest led the rise with a 5.3% month-over-month boost, while the South saw a modest 0.5% gain. Despite the federal government shutdown, mortgage rates dropped to a one-year low of 6.17%, driving more buyers into the market. However, overall sales remain below historical averages, with experts predicting low activity in the coming years.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.