Prior month 3.96 million annualize rate revised to 3.95MExisting home sales for October 3.79M vs 3.90M estimateexisting home sales -4.1% versus -2.2%
- Prior month 3.96 million annualize rate revised to 3.95M
- Existing home sales for October 3.79M vs 3.90M estimate
- existing home sales -4.1% versus -2.2% last month
- Inventory 1.15M which is 3.6 months up from 3.4 months last month
- Sales are down 14.6% from a year ago
- slowest sales pace since August 2010
- Supply is up 1.8% in October but down -5.7% annually
- median sale price of $391,800 up 3.4% year on year. That is an all-time high for October
- first-time home buyers were response for 28% of the October sales up from 27% in September and the same as October 2022
- all cash sales accounted for 29% of transactions in October unchanged from September but up from 26% in October 2022
- individual investors or second-home buyers purchase 15% of homes in October down from 18% in September and 16% one year ago
- distressed sales – foreclosures and short sales – represented to percent of sales in October unchanged from last month in the previous year
- mortgage rates according to Freddie Mac average 7.44% as of November 16 which is down from 7.5% the previous week but up from 6.61% one year ago. Mortgage rates have declined for 3 consecutive weeks
- Single-family homes declined to an 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 home price was $396,100 up 3% from 2022
- multi family sales came in at 410,000 units down -2.4% from September and -14.6% from one year ago. The median price for a condo came in at 356,000 up 7.6% from theprior year
From the NAR price concessions are arising at the higher end. The lower end is seeing multiple offers
Existing home sales are closed sales
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