Home Sales in October Plummet to 16-Year Low
Existing home sales in the United States dropped 5.5 percent in October to an annualized rate of 3.75 million units, reaching their lowest level since 2010. High mortgage rates and elevated home prices continue to paralyze market activity, leaving sales in their worst slump since the aftermath of the Great Recession. Inventory has begun to pile up as listings increase, but sellers have largely refrained from slashing prices, creating a tough market environment for potential buyers.
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- ✓ U.S. existing-home sales fell 5.5% to 3.75 million in October.
- ✓ Existing home sales reached their lowest level since 2010.
- ✓ Home sales fell to a 16-year low according to the National Association of Realtors.
What changed
The National Association of Realtors released its monthly report showing that October sales plunged to levels not seen in 16 years.
Live updates
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US Existing Home Sales Plummet to 16-Year Low
Existing home sales in the United States dropped 5.5 percent in October to an annualized rate of 3.75 million units, reaching their lowest level since 2010. High mortgage rates and elevated home prices continue to paralyze market activity, leaving sales in their worst slump since the aftermath of the Great Recession. Inventory has begun to pile up as listings increase, but sellers have largely refrained from slashing prices, creating a tough market environment for potential buyers.
Why it matters
The dramatic decline underscores the severe affordability constraints facing buyers across the nation. Persistently high borrowing costs have created a lock-in effect, keeping many prospective sellers on the sidelines and restricting overall market turnover. The ongoing slowdown follows years of pandemic-era price surges and aggressive interest rate increases by the Federal Reserve designed to cool inflation.
What is confirmed
- U.S. existing-home sales fell 5.5% to 3.75 million in October.
- Existing home sales reached their lowest level since 2010.
- Home sales fell to a 16-year low according to the National Association of Realtors.
Still unconfirmed
- Home listings piled up in October because sellers refuse to slash prices despite dropping demand.
What to watch next
- Future trajectory of mortgage rates and Federal Reserve monetary policy decisions.
- Upcoming housing inventory reports from the National Association of Realtors to see if sellers adjust pricing.
confidence 100%Sources used for this update (21)
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- WSJ — Home Sales in October Plummet to 16-Year Low
- CNBC — Home listings pile up in October, but sellers won't slash prices
- PR Newswire — Redfin Reports Monthly Mortgage Payments Fall to Lowest Level in 6 Weeks as Home Prices Keep Dipping
- ResiClub — A look at the recent acceleration in national housing market inventory
- Belleville News-Democrat — US existing home sales slump to more than 16-year low in October
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