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Existing-Home Sales Ebb in October
Existing-home sales dropped month-over-month and year-over-year in October, the National Association of Realtors reported Tuesday. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines.
Total existing-home sales, including single-family homes, townhomes, condominiums and co-ops, fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year-over-year, sales declined 14.6% 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.”
- ◦Economy
