Overview
- The National Association of Realtors reported on Nov. 12 that existing‑home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the weakest pace since August 2010.
- Freddie Mac data show the average 30‑year fixed mortgage rose to about 7.3–7.4% around the period that produced October closings, and experts say higher Treasury yields and inflation expectations drove much of that increase.
- Unsold inventory ticked up to 1.59 million units, equivalent to a 5.1‑month supply, while the share of first‑time buyers dropped to 29% and cash purchases rose, shifting the buyer mix.
- Median existing‑home price nudged up 0.4% year‑over‑year to $416,700 even as sales volumes fell, homeowners retain large equity cushions and distressed sales remain very low at roughly 2%.
- Analysts warn the recent small easing in yields may not be enough to restore demand quickly so pending‑sales data and mortgage rates will be the key indicators to watch for signs of a rebound.