Market Update: Homes Sales Fall to 13 Year Low Nationally
According to the Wall Street Journal, home sales fell in October to a fresh 13-year low as high interest rates and home prices continued to pummel the housing market.
Home-buying affordability sits near its lowest level in decades, pushing many buyers out of the market. Existing-home sales for the full year in 2023 are on track to be the lowest since at least 2011, according to economist forecasts.
Existing-home sales, which make up most of the housing market, decreased 4.1% in October from the prior month to a seasonally adjusted annual rate of 3.79 million, the lowest rate since August 2010, the National Association of Realtors said Tuesday. October sales fell 14.6% from a year earlier. Sales have been near 2010 levels in recent months.
Read the entire article here: https://www.wsj.com/economy/housing/october-2023-home-sales-fall-ec6b3164?st=gbj868dxn6defo2&reflink=desktopwebshare_permalink
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