Housing Market Update: October 24, 2025 — Key Housing and Economic News

Housing Trends

Sales Activity Rebounds as Rates Ease
A drop in mortgage rates encouraged more buyers to make moves in September. Existing home sales climbed 1.5%, marking the highest level in seven months.

Prices Continue to Edge Up
The national median existing home price increased 2.1% year over year, reaching $415,200. Meanwhile, housing supply improved modestly, with inventory at 4.6 months compared to 4.2 months last year.

Refinance Volume Surges
Mortgage applications for home purchases dipped 0.3% for the week but remained 20% higher than the same time last year. Refinance activity rose 4% for the week and an impressive 81% from a year ago.

Economic Update

Government Shutdown Stalls Data
The ongoing federal shutdown continues to delay key reports, leaving the Federal Reserve and markets without the fresh data they rely on to gauge economic health.

Markets Anticipate Rate Cuts
Despite the uncertainty, investors still expect the Fed to lower its policy rate at next week’s meeting and again in December—potentially marking the third cut this year.

Holiday Spending Softens Slightly
According to a National Retail Federation survey, Americans plan to spend an average of $890 each this holiday season—down slightly from $902 last year, as consumers remain cautious.

Quote of the Week

“The major fortunes in America have been made in land.”
— John D. Rockefeller

Whether you’re buying, refinancing, or helping clients prepare for their next move, staying informed is essential. At Thompson Kane, our local experts are here to help you navigate the evolving housing market with clarity and confidence.