Total existing-home sales dropped 3.4 percent to a seasonally adjusted annual rate of 5.36 million in October from 5.55 million in September, but are still 3.9 percent higher than a year ago (5.16 million), according to the National Association of Realtors.
Single-family home sales fell 3.7 percent to a seasonally adjusted annual rate of 4.75 million in October from 4.93 million in September, but are still 4.6 percent higher than the 4.54 million pace a year ago.
The decrease in October was not a surprise, NAR Chief Economist Lawrence Yun said in a statement, because contract signings had been falling the last couple of months.
“New and existing-home supply has struggled to improve so far this fall, leading to few choices for buyers and no easement of the ongoing affordability concerns still prevalent in some markets,” he said. “Furthermore, the mixed signals of slowing economic growth and volatility in the financial markets slightly tempered demand and contributed to the decreasing pace of sales.”
Total housing inventory decreased 2.3 percent in October to 2.14 million existing homes for sale and is now 4.5 percent lower than the 2.24 million existing homes for sale a year ago.
