Existing home sales fall to the lowest level since 2010 in October: NAR
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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. For more expert insight and […]