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.
![US existing home sales slump to more than 13-year low, prices accelerate](https://ussnsimg.moomoo.com/feed_image/70865938/48313305f2e63bd489f67fc7ddec89a5.jpg/bigmoo)
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.
![US existing home sales slump to more than 13-year low, prices accelerate](https://ussnsimg.moomoo.com/feed_image/70865938/0d0a00b575453b0e9343260bd05660f2.png/bigmoo)
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