Existing Home Sales Hit Lowest Level Since August 2010

The National Association of Realtors reported that existing-home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest level since August 2010. Sales were also 8.8% below October a year earlier, extending a prolonged downturn in the market for previously occupied homes.

The monthly decline was recorded across the Midwest, South and West, while sales held steady in the Northeast, according to the association. Year-over-year activity fell in all four regions. The figures count completed transactions, which likely reflected contracts signed in August and September.

The median existing-home price rose 0.4% from a year earlier to $416,700, according to the National Association of Realtors. The association also reported that first-time buyers accounted for 29% of October purchases, down from 32% a year earlier. Their historical share is closer to 40%, it said.

The association’s chief economist, Lawrence Yun, attributed difficult buying conditions to elevated mortgage rates. He said rates had reached their highest levels since 2000, apart from one month in 2023. The average 30-year fixed mortgage rate was 7.33% in October, up from 6.86% in September...