US existing home sales slump to more than 13-year low, prices accelerate
U.S. existing home sales dropped to the lowest level in more than 13 years in October as the highest mortgage rates in two decades and a dearth of houses drove buyers from the market.
Key Highlights
- Existing-home sales descended 4.1% in October to a seasonally adjusted annual rate of 3.79 million. Sales slumped 14.6% from one year ago.
- The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.
- The inventory of unsold existing homes grew 1.8% from the previous month to 1.15 million at the end of October, or the equivalent of 3.6 months' supply at the current monthly sales pace.
- Existing-home sales descended 4.1% in October to a seasonally adjusted annual rate of 3.79 million. Sales slumped 14.6% from one year ago.
- The median existing-home sales price climbed 3.4% from one year ago to $391,800 – the fourth consecutive month of year-over-year price increases.
- The inventory of unsold existing homes grew 1.8% from the previous month to 1.15 million at the end of October, or the equivalent of 3.6 months' supply at the current monthly sales pace.
Supply is coming back, demand is not. Prices are still way too high....Do you think this decline is a short-term trend or could it indicate broader market changes? Let me know your thoughts/advice.![]()
![]()
$SPDR S&P 500 ETF(SPY.US$ $S&P 500 Index(.SPX.US$ $Zillow-C(Z.US$ $Mid-America Apartment Communities Inc(MAA.US$ $LTC Properties Inc(LTC.US$ $ARMOUR Residential REIT Inc(ARR.US$
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
