In October, the National Association of Realtors reported a decline in both month-over-month and year-over-year existing-home sales. Sales decreased in the Northeast, South, and West regions but remained unchanged in the Midwest. All four regions saw a decrease in sales compared to last year.
The total number of existing-home sales, including single-family homes, townhomes, condominiums and co-ops fell by 4.1% from September to a seasonally adjusted annual rate of 3.79 million units in October. This represents a significant drop of 14.6% from last year’s figure of 4.44 million units.
According to NAR chief economist Lawrence Yun: “Prospective home buyers faced challenges due to limited housing inventory and record-high mortgage rates.” Despite this difficulty, multiple offers are still being made for starter and mid-priced homes while price concessions are becoming more common at the higher end market segment.
The article “Existing-Home Sales Ebb In October” was originally published on Connect CRE.
