Posted 11/21/2023, 3:02:25 PM
Housing Market Freeze: Home Sales Hit 13-Year Low in October as High Prices, Rates Deter Buyers
- U.S. existing home sales dropped to the lowest level in over 13 years in October, with prices remaining high
- High mortgage rates, lack of affordable inventory, and homeowners unwilling to sell are freezing the housing market
- Sales fell across most regions, down 14.6% from a year ago, putting 2022 on track to be the worst year since 1992
- Tight supply persisted, with only 1.15 million homes on the market, making prices rise 3.4% year-over-year to a median of $391,800
- First-time buyers remained low at 28% of sales, with all-cash buyers making up 29% of transactions