Existing home sales fall to the lowest level since 2010 in October: NAR

Sales of existing homes fell sharply in October, down 4.1% from September to a seasonally adjusted annual rate of 3.79 million. That's the lowest level since August 2010. Year-over-year, sales fell 14.6%, according to the data from the National Association of Realtors. The median home price was $391,800, an increase of 3.4% from a year ago. Despite high mortgage rates hampering many potential buyers, NAR Chief Economist Lawrence Yun notes in the release that "multiple offers... are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market." Yahoo Finance Live breaks down the report.
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[@mr.ksasmr7101]

Well what do they expect when homes cost you almost 7 times your income

[@UP-To-The-Time]

So we are listening to home realtors that there is a shortage of homes. That's a lie. The problem is cost not supply.

[@PatamaGomutbutra]

Exactly. By eyeballs, there are lots of resale and new building that not listed on realter website.

[@LivingAwake]

And taxes still going up!

[@mauris01181012]

Valuable houses now, but no affordable buyers.

[@sj9367]

$390K really are you serious thats the cost, wow dirt cheapp.

[@iggy90802]

I'm following a market in Colorado and I've noticed many sellers are just de-listing their homes for hopes of more qualified buyers in 2024. Qualified buyers have diminished due to high listing prices and high interest rates. 1/3 of sellers have cut their prices because their asking prices are too much for locals in the area.

[@user-ms1yw4wd7w]

👉 crookednomics..

[@lemontadams3029]

The White Shoe Boy gamblers on The Street that have pumped up the U.S. equity markets have nothing to do with the reality on Main Street

[@KenCaniato]

Its over run lol...run

[@First1ToComment]

First ! Good