Existing-home sales fell 4.1% in October to a seasonally adjusted annual rate of 3.79 million, according to the National Association of Realtors (NAR). Sales dropped 14.6% year-over-year, down from 4.44 million in 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. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
Total housing inventory was up 1.8% in October to 1.15 million units but down 5.7% year-over-year (from 1.22 million). Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.
The median existing-home price for all housing types in October increased to $391,800, an increase of 3.4% from October 2022 ($378,800). Prices rose in all four U.S. regions.
Distressed sales – foreclosures and short sales – represented 2% of sales in October, virtually unchanged from last month and the previous year.
Read the NAR release.