HOME SALES FELL TO NEW 13-YEAR LOW IN OCTOBER

[infogram id=”aca67545-cbf9-4539-81e1-4f718a59a3fe” prefix=”ogC” format=”interactive” title=”EXISTING HOME SALES SCORECARD 11212023″]

Key Points:

  • Existing-home sales fell 4.1% in October from September to a seasonally adjusted annual rate of 3.79 million.
  • Existing-home sales fell 14.6% from one year ago.
  • The median existing-home sales price for October rose 3.4% from one year ago to $391,800.
  • Sales in October fell to the lowest rate in 13 years, dating back to August 2010.
  • First-time buyers were responsible for 28% of sales in October, up from 27% in September and identical to October 2022.
  • “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun.
  • The Right Facts will continue to monitor home sales.
Source