![\"Existing](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2023\/11\/AdobeStock_499131876.jpg\")
<\/a>Total existing home sales, or completed transactions that include single-family homes, townhomes, condominiums, and co-ops, fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year over year, sales tumbled 14.6%, down from 4.44 million in October 2022.<\/p>\n\n\n\n
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” says 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.”<\/p>\n\n\n\n
At the end of the month, total housing inventory was at 1.15 million units, up 1.8% from September but down 5.7% from one year ago. 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.<\/p>\n\n\n\n
The median existing home price for all housing types in October was $391,800, an increase of 3.4% from October 2022. All four U.S. regions registered price increases.<\/p>\n\n\n\n
“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year over year, including a new all-time high for the month of October,” adds Yun. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”<\/p>\n\n\n\n
According to the monthly Realtors Confidence Index, properties typically remained on the market for 23 days in October, up from 21 days in September and October 2022. Sixty-six percent of homes sold were on the market for less than a month.<\/p>\n\n\n\n
First-time buyers were responsible for 28% of sales last month, up from 27% in September. All-cash sales accounted for 29% of transactions. Individual investors or second-home buyers purchased 15% of homes, and distressed sales represented 2% of sales.<\/p>\n\n\n\n
Single-family home sales declined to a seasonally adjusted annual rate of 3.38 million, down 4.2% from 3.53 million in September and 14.6% from the previous year. The median existing single-family home price was $396,100, up 3% from October 2022.<\/p>\n\n\n\n
Existing condominium and co-op sales recorded a seasonally adjusted annual rate of 410,000 units, down 2.4% from September and 14.6% from one year ago. The median existing condo price was $356,000 in October, up 7.6% from the prior year.<\/p>\n\n\n\n
Among the four major U.S. regions, sales slid in the Northeast, South, and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines.<\/p>\n
Existing home sales dropped once again in October, according to the National Association of Realtors (NAR).<\/p>\n","protected":false},"author":49,"featured_media":228088,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2023-11-23T18:31:57Z","apple_news_api_id":"e8d4844b-6050-4005-a0bd-e02ca0f35d85","apple_news_api_modified_at":"2023-11-23T18:31:57Z","apple_news_api_revision":"AAAAAAAAAAD\/\/\/\/\/\/\/\/\/\/w==","apple_news_api_share_url":"https:\/\/apple.news\/A6NSES2BQQAWgveAsoPNdhQ","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":[],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11108],"tags":[11393,11198,11002],"coauthors":[10332],"apple_news_notices":[],"yoast_head":"\n