Home Sales Fell To A 13-Year Low In October As Prices Rose, Rates Hardened
View Source | November 21, 2023 10:21 am
- Existing home sales in October were 14.6% lower than they were a year earlier.
- The median price of an existing home sold in October was $391,800, an increase of 3.4% from October 2022.
- “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said Lawrence Yun, NAR’s chief economist. “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.”
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