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US existing home sales slump to more than 16-year low in October
The National Association of Realtors said the annual sales pace fell to 3.75 million as borrowing costs kept many buyers on the sidelines.
- Existing home sales fell 5.5% last month to a seasonally adjusted annual rate of 3.75 million units, the National Association of Realtors said Thursday, marking the slowest annual sales pace in more than 16 years.
- Rising mortgage rates have stifled activity since the war involving Iran began in late February; the 30-year mortgage rate reached 7.4% last month, its highest level in nearly three years.
- Sales sank 8.8% compared with last year, falling short of the 3.8 million pace FactSet expected, while median sales price rose 0.4% to $416,700, an all-time high for October.
- NAR's chief economist Lawrence Yun said "it is just a tough market for buyers and sellers," as the housing market remains in a slump that began in 2022 when mortgage rates climbed from pandemic-era lows.
- Traditionally, a 4- to 6-month supply signals a balanced market, but inventory rose 1.3% last month to represent a 5.1-months' supply, the largest since November 2015.
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25 Articles
25 Articles
Sales on the US secondary housing market declined by 5.5 per cent in October relative to the previous month, to 3.75 million homes per year, as reported by the National Realtors Association (NAR).
Coverage Details
Total News Sources25
Leaning Left2Leaning Right4Center12Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
11%
C 67%
R 22%
Factuality
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