2023-11-23 01:21:09
Las used home sales in the United States in October they fell to their lowest level since 2010.
Higher mortgage rates and a housing shortage have left dozens of buyers unable to purchase homes.
In October, existing home sales fell 4.1% to an adjusted annual rate of 3.79 million units, the lowest since August 2010, the agency said. National Association of Realtors of the USA (NAR, for its acronym in English).
The NAR said October sales reflected contracts signed in the previous two months, when the average rate on the 30-year fixed-rate mortgage plummeted to levels seen in the 2000s.
Where in the US did home sales fall the most?
According to economists asked about Reuters, Home sales would fall at a rate of 3.9 million units.
The Northeast, West and South of the United States were the regions where home sales fell the most. In the Midwest, home sales remained stable.
Sales of existing homes, which account for a large portion of U.S. home sales, fell 14.6% year over year in October.
“Prospective homebuyers experienced another difficult month due to a persistent lack of housing inventory and the highest mortgage rates in a generation,” said Lawrence Yun, NAR chief economist.
The rate on the 30-year fixed-rate mortgage averaged 7.31% in the last week of September, before peaking at 7.79% in late October, the highest level since November 2000, according to data from the mortgage financing agency Freddie Mac.
How is the real estate market right now?
Last month, there were 1.15 million existing homes on the market, down 5.7% from a year ago. At October’s sales rate, it would take more than three months to exhaust the current inventory of existing homes.
A four to seven month supply is considered a healthy balance between supply and demand. As supply remained tight, multiple offers were the norm in some areas, which kept home prices on an upward trend.
The median price of existing homes increased 3.4% from the previous year to $391,800.
Properties typically remained on the market for 23 days in October, down from 21 days last year.
66% of homes sold in October were on the market for less than a month. First-time buyers accounted for 28% of sales, the same as a year ago.
Cash sales accounted for 29% of transactions, compared to 26% a year ago.
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