Existing home sales declined 4.1% in October to a seasonally adjusted annual rate of 3.79 million, according to the National Association of Realtors. Year-over-year, existing home sales tumbled 14.6%.
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” NAR Chief Economist Lawrence Yun said in a statement. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
Regionally, month-over-month existing home sales dropped 4.0% in the Northeast, 7.1% in the South and 1.4% in the West. Existing home sales in the Midwest were unchanged.
The median price for existing homes grew 3.4% from October 2022 to $391,800, the fourth month in a row of year-over-year price jumps.
The full NAR report can be found here.
