U.S. existing-home sales plunged 5.5% in October to an annual pace of just 3.75 million, the lowest level since August 2010. Sales were down 8.8% from a year earlier and came in below economists’ forecasts. Mortgage rates above 7% are keeping buyers away.
Here’s the ugly combination: homes are getting harder to sell, but prices aren’t coming down much. The median sale price reached $416,700, up 0.4% from last year. Inventory rose to 1.59 million homes, the highest level since November 2019, while the supply reached 5.1 months.
First-time buyers made up just 29% of sales, down from 32% a year ago. The market is increasingly difficult for ordinary buyers to enter. Sellers are still holding onto high prices, and buyers are walking away.
https://www.nar.realtor/newsroom/existing-home-sales-decreased-5-5-percent-october-nar-report
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