Source: US News —
Sales of existing homes fell in October for the ninth straight month, down 5.9% from a month earlier as buyers faced mortgage rates that have doubled in the past year, the National Association of Realtors said on Friday.
Sales, at an annual pace of 4.43 million, are now 28.4% below a year ago. The median price, however, is still 6.6% from its 2021 level.
“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” said NAR Chief Economist Lawrence Yun. “The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.”
The report follows Thursday’s news that new home construction fell again in October, with new starts down 4.2% and permits for new homes down 2.4% from September.
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