Overview
- The National Association of Realtors reported on Nov. 12 that October existing‑home sales dropped 5.5% from September to a seasonally adjusted annual rate of 3.75 million, the slowest pace since August 2010.
- Unsold inventory rose to about 1.59 million homes, equal to a 5.1‑month supply, which is the largest months‑supply reading since November 2015 and gives buyers more choice than in recent years.
- The median existing‑home price climbed modestly to $416,700, up 0.4% year‑over‑year, while sales volumes fell across most regions and the first‑time buyer share slipped to 29%.
- Mortgage costs jumped above 7% for a 30‑year fixed loan in late summer and peaked near mid‑September, a rise tied to higher long‑term Treasury yields and stronger inflation expectations that reduced buyer demand.
- Analysts say higher rates and affordability pressures pushed some shoppers to pause and pushed more transactions toward cash buyers and investors, leaving the market with slower turnover and potential pent‑up demand if rates ease.