U.S. Existing-Home Sales Fall 5.5% in October to Slowest Pace Since 2010
The National Association of Realtors says October sales fell across three regions as high mortgage rates weighed on buyers.
Sales of previously owned U.S. homes fell 5.5% in October, reaching their slowest pace since August 2010, the National Association of Realtors reported Thursday.
Sales declined from September in the Midwest, South and West, while holding steady in the Northeast. Compared with a year earlier, sales fell in all four regions.
NAR Chief Economist Lawrence Yun said high mortgage rates were making home buying difficult. He said rates had climbed to their highest levels since 2000, aside from a single month in 2023.
The report measures completed sales of existing single-family homes, condominiums and co-ops. It does not measure newly built home sales or contracts that have been signed but not yet closed.
Yun said homeowners generally remain in a comfortable financial position because of accumulated housing wealth. He also said continued job growth, combined with the weak pace of sales, could point to pent-up demand if mortgage rates decline.
The October figures were released at 10 a.m. Eastern on November 12. NAR's next existing-home sales report, covering November, is scheduled for December 9.