Posted 12/3/2023, 9:05:43 AM
US Home Sales Hit 21-Year Low in October as High Rates and Tight Supply Take Toll
- Pending home sales in the US declined 1.5% in October 2022 compared to September, reaching the lowest level since 2001
- There was an 8.5% year-over-year decrease in home sales transactions across all regions of the US
- High mortgage rates and low housing inventory are main reasons attributed for the declines
- Markets with more available inventory are seeing sales increases for higher priced homes
- Increasing housing supply through various measures is crucial to improve the situation