U.S. Existing Home Sales Drop in October to Lowest Level Since August 2010

Summary

• U.S. existing home sales fell 5.5% month-over-month to 3.75 million units in October, the lowest level since August 2010.
• Sales declined 8.8% year-over-year, marking the fourth monthly drop in five months.
• The Action Economics Forecast Survey had predicted sales of 3.86 million units.
• Existing single-family home sales dropped 5.8% month-over-month to 3.41 million units, the lowest since October 2010.
• Condo and co-op sales slid 2.9% month-over-month to 340,000 units, a record low.
• The average 30-year fixed mortgage rate rose to 7.33% in October, the highest since November 2023.
• Median sales prices slipped 0.4% month-over-month to $416,700, the lowest level since March.
• Unsold inventory increased 1.3% month-over-month to 1.59 million units, the highest level since November 2019.
• The supply of homes on the market rose to 5.1 months, the highest level since November 2015.
• Sales decreased in the West (-9.7%), South (-6.5%), and Midwest (-3.2%), while remaining flat in the Northeast.
• The West experienced the steepest year-over-year decline at -14.5%.
• The South accounted for 46.1% of total U.S. existing home sales.
• Median prices for single-family homes fell 0.4% to $421,900, while condo and co-op prices rose 0.7% to $365,100.
• Regional median prices fell in the Midwest, Northeast, and South, but increased in the West.