Overview
- The National Association of Realtors report, published on Nov. 12, 2026, showed existing-home sales fell 5.5% from September to a 3.75 million annualized pace, the weakest since August 2010.
- Analysts link the slump to higher borrowing costs after the 30-year fixed mortgage rate climbed above 7% and reached about 7.40% in mid-September, which cut affordability for many buyers.
- Unsold inventory rose to about 1.59 million homes, equaling a 5.1-month supply and giving buyers more choice than earlier in the cycle as seller leverage eases.
- Despite weak turnover, the median existing-home price edged up 0.4% year over year to $416,700 while first-time buyers’ share fell to 29%, reducing new-buyer participation.
- Because closed sales reflect contracts signed one to two months earlier, October’s drop mainly captures August–September behavior and signals that any sustained rebound will depend on lasting declines in mortgage rates and clearer pre-election economic signals.