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Existing Home Sales Fall in October
Existing home sales fell for the ninth straight month in October
Just under 4.5 million homes sold last month, according to data released Friday by the National Association of Realtors (NAR). The sales figures represent a drop of 28% compared to October 2021.
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“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” NAR Chief Economist Lawrence Yun said in a statement. “The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years.”
The drop in sales correlates with the rise in interest rates, so it will be interesting to see what happens with sales going forward now that rates have dropped from their recent highs.
See other articles related to: existing home sales
This article originally published at https://dc.urbanturf.com/articles/blog/existing_home_sales_fall_in_october/20335.
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