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- 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
Regionally:
- West -1.4% from September to an annual rate of 690,000. Down 14.8% from a year ago. Prices are up 2.3% from a year ago
- South -7.1% from September to an annual rate of 1.69 million. Down 14.6% from a year ago. Prices are up 4.2% from year ago
- Northeast -4.0% from September to an annual rate of 480,000. Down 15.8% from a year ago. Prices are up 7.5% on the year
- Midwest unchanged from September. Down 13.9% from year ago. Prices are up 4.2% from a year ago
The sales pace was the 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.
Weaker sales, but mortgage rates are coming down and supply remains a concern and too low.