US existing home sales for October 3.79M annualized versus 3.90M estimate

<figure data-media-><img src="https://images.forexlive.com/images/Existing%20home%20sales_id_a586ae22-6c00-41a8-b094-a8bfe1f11781_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/Existing%20home%20sales_id_a586ae22-6c00-41a8-b094-a8bfe1f11781_original.jpg" /></figure><p>For the&nbsp;full report <a href="https://www.nar.realtor/newsroom/existing-home-sales-receded-4-1-in-october" target="_blank" rel="nofollow">CLICK HERE</a></p><ul><li>Prior month 3.96 million annualize rate revised to 3.95M</li><li>Existing home sales for October 3.79M vs&nbsp;3.90M&nbsp;estimate</li><li>Existing home sales -4.1% versus -2.2% last month<br></li><li>Inventory 1.15M which is 3.6 months up from 3.4 months last month</li><li>Sales are down -14.6% from a year ago</li></ul><p>Regionally:</p><ul><li>West -1.4%&nbsp;from September to an annual rate of 690,000. Down 14.8% from a year ago. Prices are up 2.3% from a year ago</li><li>South -7.1%&nbsp;from September to an annual rate of 1.69 million. Down 14.6% from a year ago. Prices are up 4.2% from year ago</li><li>Northeast -4.0% from September to an annual rate of 480,000. Down 15.8% from a year ago. Prices are up 7.5% on the year</li><li>Midwest unchanged from September. Down 13.9% from year ago. Prices are up 4.2% from a year ago<br></li><br></ul><p>The sales pace was the slowest sales pace since August 2010</p><ul><li>Supply is up 1.8% in October but down -5.7% annually</li><li>Median sale price of $391,800 up 3.4% year on year. That is an all-time high for October</li><li>First-time home buyers were response for 28% of the October sales up from 27% in September and the same as October 2022</li><li>All cash sales accounted for 29% of transactions in October unchanged from September but up from 26% in October 2022</li><li>Individual investors or second-home buyers purchase 15% of homes in October down from 18% in September and 16% one year ago</li><li>Distressed sales – foreclosures and short sales – represented to percent of sales in October unchanged from last month in the previous year</li><li>Mortgage rates according to Freddie Mac average 7.44% as of November 16 which is down from 7.5% the previous week but up from 6.61% one year ago. Mortgage rates have declined for 3 consecutive weeks</li><li>Single-family homes declined to an annual rate of 3.38 million in October down 4.2% from 3.53 million in September and 14.6% from the previous year. The median home price was $396,100 up 3% from 2022</li><li>Multi family sales came in at 410,000 units down -2.4% from September and -14.6% from one year ago. The median price for a condo came in at 356,000 up 7.6% from theprior year<br></li></ul><p><br></p><p>From the NAR price concessions are arising at the higher end. The&nbsp;lower end is seeing multiple offers<br></p><p>Existing home sales are closed sales.</p><p>Weaker sales, but&nbsp;mortgage rates are coming down and supply remains a concern and too low.</p><p><br></p><p><br></p>

This article was written by Greg Michalowski at www.forexlive.com.