Market Updates
U.S. Existing Home Sales Dropped to a Thirteen-Year Low
Brian Turner
21 Nov, 2023
New York City
U.S. existing home sales in October declined 4.1% from the previous month to a seasonally adjusted annualized rate of 3.79 million units, the National Association of Realtors reported Tuesday.
The sales dropped to the lowest level since August 2010 and dropped 14.6% from 44 million a year ago.
The lack of homes available for sale and record high mortgage rates in nearly two decades continue to weigh on the market.
Total housing inventory at the end of October was 1.15 million units, up 1.8% from September but down 5.7% from 1.22 million a year ago.
The median existing-home price for all housing types in October was $391,800, an increase of 3.4% from $378,800 a year ago, and all four regions registered price increases.
Single-family home sales declined to a seasonally adjusted annual rate of 3.38 million in October, down 4.2% from 3.53 million in September and 14.6% from the previous year.
The median existing single-family home price was $396,100 in October, up 3.0% from October 2022.
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