Existing home sales achieved their lowest annual level in ten years in September, and now appear to have doubled down. The National Association of Realtors® (NAR) said sales of pre-owned single-family homes, townhouses, condominiums, and cooperative apartments fell another 4.1 percent in October to an annual rate of 3.79 million homes. This is 14.6 percent below the 4.44 million level of sales in October 2022. Single-family home sales decreased to a seasonally adjusted annual rate of 3.38 million, a 4.2 percent decline from 3.53 million in September. Condo/co-op sales fared slightly better, slipping only 2.4 percent month-over-month to an annual rate of 410,000 units. Both single-family and condo/co-op sales were 14.6 percent lower than the same month last year. [existinghomesdata] Analysts had expected a less drastic decrease from the 3.95 million level of sales in September. Both Econoday and Trading Economics had consensus estimates of 3.9 million. “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.” There were 1.15 million housing units available for sale at the end of October. This is an increase of 1.8 percent from the previous month but 5.7 percent fewer homes than a year earlier. Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.
Related Articles
Spring forecast: More inventory and rising home sales
April 2, 2024
Mariel Alumit
Housing Wire
Comments Off on Spring forecast: More inventory and rising home sales
Everyone knows it’s been a very dry 18 months for home sales. As mortgage rates rose starting in 2022, payment affordability got dramatically worse and homebuyer demand dried up. At the same time, seller […]
Pending home sales fell 2.7% in May though demand remains strong
June 29, 2023
Mark Paul Cervantes
Housing Wire
Comments Off on Pending home sales fell 2.7% in May though demand remains strong
After holding steady month over month in April, pending home sales were back down again in May, dropping 2.7%, according to data released Thursday by the National Association of Realtors (NAR). Year over year, pending home sales were down […]
Fewer Listings, Fewer Home Sales in New York State
February 22, 2024
Allen Santos
Weely Real Estate News
Comments Off on Fewer Listings, Fewer Home Sales in New York State
The inventory of homes for sale across New York State shrank by 10.2% in January from 39,544 homes available in 2023 to 35,492 units on the market in 2024, according to new data from the […]