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.