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Home Selling

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Sales of previously occupied U.S. homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices and fewer properties on the market. The National Association of Realtors said Friday that existing home sales fell 5.9% last month from September to a seasonally adjusted annual rate of 4.43 million. Sales fell 28.4% from October last year, and are now at the slowest annual pace since December 2011, excluding the steep slowdown in sales that occurred in May 2020 near the start of the pandemic. The national median home price rose 6.6% in October from a year earlier to $379,100.

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Accessory dwelling units, or ADUs, are separate living spaces added to an existing home — typically on a single-family residential lot. That addition could include a converted basement or backyard cottage. ADUs can house older family members, provide lodging for young adult family members or serve as a source of rental income. Despite their utility, ADUs aren’t allowed in many areas. Even where ADUs are legal, construction costs and higher property taxes can make them a costly investment. Before you build an ADU, weigh the pros and cons and look around your city to see what your neighbors are doing.

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