Economic Buzz: US Existing Home Sales Slump By 5.9% In October

21 Nov 2022 , 09:00 AM

Existing home sales in the U.S. saw a substantial decrease in the month of October, according to a report released by the National Association of Realtors. NAR said existing home sales plummeted by 5.9 percent to an annual rate of 4.43 million in October after slumping by 1.5 percent to a rate of 4.71 million in September. Existing home sales decreased for the ninth consecutive month, resulting in a 28.4 percent nosedive compared to the same month a year ago. Housing inventory at the end of October totaled 1.22 million units, down 0.8 percent from 1.23 million in both September and a year ago. The unsold inventory represents 3.3 months of supply at the current sales rate, up from 3.1 months in September and 2.4 months in October 2021. The report said the median existing home price was $379,100 in October, down 1.2 percent from $383,500 in September but up 6.6 percent from $355,700 a year ago. NAR also said single-family home sales plunged by 6.4 percent to an annual rate of 3.95 million, while existing condominium and co-cop sales slumped by 2.0 percent to a rate of 480,000.Powered by Commodity Insights