US Existing Home Sales Slip 5.5% in October, Worst Showing Since 2010
American existing home sales dropped 5.5% in October from September, hitting a seasonally adjusted annual rate of 3.75 million, the National Association of Realtors said Thursday. It's the weakest sales pace since August 2010, and year-over-year volume is down 8.8%.
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Existing home sales in the US slid 5.5% month over month in October, landing at a seasonally adjusted annual rate of 3.75 million, the National Association of Realtors reported Thursday. Compared with a year earlier, sales were down 8.8%. That marks the slowest pace of home buying since August 2010.
The culprit, per NAR chief economist Lawrence Yun: mortgage rates. "Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023," Yun said. "As a result, home sales fell to their lowest level since August 2010."
Prices kept climbing anyway. The median existing-home sale price across all housing types rose 0.4% year over year to $416,700 in October.
Inventory also ticked up. Total housing stock reached 1.59 million units, up 1.3% from September and 4.6% higher than October last year.
TopicsNational Association of Realtors · Lawrence Yun
Written by Paparazzi with AI. Not financial advice.
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