Sales of existing homes dropped 9th straight month in Oct. Prices down to $379,100.

NAR’s October existing home sales showed sales down for the ninth straight month. This has also brought down existing home prices from their peak, which helps affordability. Here are a few key takeaways for home buyers, and a link to the report.

– Annualized sales of existing (as opposed to newly built) homes was 4.43 million for October.

– This is down 5.9% from September and 28.4% from one year ago.

– The median price of existing homes sales price dropped $34,700 from June peak of $413,800 to $379,100.

– This should give some relief to buyers, especially since mortgage rates are down sharply from a 7.25% October peak to 6.625% (after October core consumer inflation dropped to 6.3% from a 6.6% September peak).

– Existing homes typically remained on the market for 21 days, and 64% of them sold within a month.

– So things are cooling but this still suggests decent demand, which favors buyers more now, but without a rout for sellers.

– First time buyers were 28% of sales, cash buyers were 26% of sales, and investors or second home buyers were 16% of sales.

– See the chart on how sales have slowed by price ranges

– And please reach out with questions.

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Reference:

– Existing-Home Sales Slumped 5.9% in October