Financial News: U.S. Existing Home Sales Plunge Much More Than

U.S. Existing Home Sales Plunge Much More Than Expected In October

11/21/2023 - 10:31:00 (RTTNews)

(RTTNews) - Existing home sales in the U.S. tumbled by much more than expected in the month of October, according to a report released by the National Association of Realtors on Tuesday.

NAR said existing home sales plummeted by 4.1 percent to an annual rate of 3.79 million in October after plunging by 2.2 percent to a revised rate of 3.95 million in September.

Economists had expected existing home sales to slump by 1.5 percent to a rate of 3.90 million from the 3.96 million originally reported for the previous month.

"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.

He added, "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."

The report said housing inventory at the end of October totaled 1.15 million units, up 1.8 percent from 1.13 million units in September but down 5.7 percent from 1.22 million units a year ago.

The unsold inventory represents 3.6 months of supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.

The median existing home price in October was $391,800, an increase of 3.4 percent from $378,800 in the same month last year.

"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," Yun said. "In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years."

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Fed Chair Jerome Powell Calls Rate Cut Speculation 'Premature' (43 min(s), 56 sec(s) ago)
(RTTNews) - While forecasts suggest the U.S. central bank could start cutting interest rates as so ...Full Story»

U.S. Construction Spending Climbs More Than Expected In October (51 min(s), 56 sec(s) ago)
(RTTNews) - Construction spending in the U.S. rose by more than expected in the month of October, ...Full Story»

U.S. Manufacturing Index Indicates Continued Contraction In November (40 min(s), 56 sec(s) ago)
(RTTNews) - The Institute for Supply Management released a report on Friday showing a continued co ...Full Story»

UK Manufacturing Downturn Eases In November (09 min(s), 04 sec(s) ago)
(RTTNews) - The downturn in British manufacturing activity softened in November as output and new ...Full Story»

Irish Economy Shrinks 1.9% In Q3, More Than Estimated (41 min(s), 04 sec(s) ago)
(RTTNews) - Ireland's economy contracted slightly more than initially estimated in the third ...Full Story»

Eurozone Factory Sector Downturn Slows (01 hr(s), 12 min(s), 04 sec(s) ago)
(RTTNews) - Euro area manufacturing sector remained in the contraction zone but deterioration in p ...Full Story»

Swiss Economy Recovers In Q3 (02 hr(s), 23 min(s), 04 sec(s) ago)
(RTTNews) - Switzerland's economy rebounded in the third quarter underpinned by exports and co ...Full Story»

Irish Manufacturing Activity Stabilizes In November (03 hr(s), 44 min(s), 04 sec(s) ago)
(RTTNews) - Ireland's manufacturing activity signaled a stabilization in November amid rises i ...Full Story»