Existing Home Sales

 
In October, existing-home sales in the U.S. declined by 4.1% from September, totaling 3.79 million units, marking a significant 14.6% year-over-year decrease. According to the National Association of Realors, the dip is attributed to the persistent lack of housing inventory and historic high mortgage rates. Home prices continued to rise, with the median reaching $391,800, a 3.4% increase from October 2022. Housing inventory slightly increased by 1.8%, but on a yearly basis, it dropped by 5.7%. Unsold inventory represents a 3.6-month supply. Despite challenges for buyers, sellers benefited from rising prices, accumulating over $100,000 in housing wealth over the past three years. First-time buyers constituted 28% of sales, and all-cash sales remained steady at 29% of transactions. The overall tight market is expected to see relief as mortgage rates have fallen for the third consecutive week, potentially improving inventory and stimulating home sales in the coming months. https://tinyurl.com/NAR-2023