U.S. Home Sales Decline 4.1% in October, Prices Continue to Rise – NAR Report

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.

READ ALSO: BdT at 52 weeks: revision of the nominal rate of the 5-year line

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.

With MAP

1700597123
#Home #sales #fall #October #weight #high #mortgage #rates #soaring #prices