Sales of existing homes fell sharply in October, down 4.1% from September to a seasonally adjusted annual rate of 3.79 million. That’s the lowest level since August 2010. Year-over-year, sales fell 14.6%, according to the data from the National Association of Realtors. The median home price was $391,800, an increase of 3.4% from a year ago. Despite high mortgage rates hampering many potential buyers, NAR Chief Economist Lawrence Yun notes in the release that “multiple offers… are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.” Yahoo Finance Live breaks down the report.
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First ! Good
Well what do they expect when homes cost you almost 7 times your income
I’m following a market in Colorado and I’ve noticed many sellers are just de-listing their homes for hopes of more qualified buyers in 2024. Qualified buyers have diminished due to high listing prices and high interest rates. 1/3 of sellers have cut their prices because their asking prices are too much for locals in the area.
NAR has no credibility at all. They are just a FOMO maker for a long time. Currently, the new houses list for sale pop up and stay for longer than usual. In addition half of pending turn back to active listing – fewer and fewer reasonable buyers buy OVERPRICE houses.
Its over run lol…run
ALL REALTORS AND WORKING TOGETHER AT HOME PRICE FIXING WHICH IS ILLEGAL. SHADOW HOMES IN THE HUNDREDS OF THOUSANDS CAN’T FIND BUYER AND ARE KEPT SECRET OFF THE MARKET
The Eron of house market! Don’t believe realtors and the fake news
So we are listening to home realtors that there is a shortage of homes. That’s a lie. The problem is cost not supply.
Exactly. By eyeballs, there are lots of resale and new building that not listed on realter website.
Valuable houses now, but no affordable buyers.
$390K really are you serious thats the cost, wow dirt cheapp.