US Existing-Home Sales Drop Month-Over-Month and Year-Over-Year in October

On Tuesday (11-21-23), the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 4.1% decline in October from September to a seasonally adjusted rate of 3.79 million homes. Year-over-year, sales were down 14.6% (4.44 million in October 2022).

Among the four major US regions, sales declined in the Northeast, South, and West, but the Midwest was unchanged. All four regions reported year-over-year sales declines.

At the end of October, total housing inventory registered was 1.15 million units—up 1.8% from September but down 5.7% from one year ago (1.22 million in October 2022). At the end of the month, unsold inventory was at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.

The median existing-home price for all housing types in October was $391,800, an increase of 3.4% from October 2022 ($378,800). Prices increased in all four regions.

In October, according to the REALTORS® Confidence Index, properties typically remained on the market for 23 days, up from 21 days in both September and October 2022. Sixty-six percent of homes sold in October were on the market for less than a month.