• 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.” 

Tagged: #Bidenflation