The National Association of Realtors is reporting that existing home sales were down 5.9% in October to a seasonally-adjusted annual rate of 4.43 million (down 28.4% year over year). Total housing inventory at the end of October was 1.22 million units, down 0.8% from September and down 0.8% from one year ago. Unsold inventory sits at a 3.3-month supply at the current sales rate with properties remaining on the market for around 21 days. The median existing-home price for all housing types in July was $379,100, up 6.6% from one year ago. The NAR pointed out that October marks 128 consecutive months of year-over-year increases – the longest-running streak on record. However, they say higher interest rates are taking their toll.
“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher…The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.” Said the NAR’s Chief Economist, Lawrence Yun.