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2023-11-21 16:15:11
U.S. home sales fell 4.1% in October compared to September and prices continued to rise, a report from the National Association of Realtors shows (NAR) published Tuesday. Home sales remained at a 13-year low as buyers competed for the few homes available on the market.
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High prices, along with the average rate for a 30-year fixed-rate mortgage near 8% in October, have created conditions for the least affordable market in several decades. The average home price rose to $391,800 last month, up 3.4 percent from a year ago.
Rising costs of purchasing and financing a home caused sales to fall to 3.79 million, down 4.1% from September and 14.6% from the same month in 2022 , according to the report. “Prospective buyers had another tough month due to continued low housing inventory and high mortgage rates,” noted Lawrence Yun, NAR chief economist.
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