US existing home sales slump to more than 16-year low in October
SPY•Existing home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest since August 2010. The median home price rose 0.4% year over year to $421,900.
1. Sales hit a new low
Existing home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million units, the lowest level since August 2010. Sales were down 8.8% from a year earlier, compared with economists’ forecast of a 3.85 million-unit rate.
2. Inventory and prices rise
Inventory increased 1.3% from September to 1.590 million units, equal to 5.1 months of supply, the most since November 2015. The median existing home price rose 0.4% from a year earlier to $421,900, a record for October. The 30-year fixed mortgage rate averaged 7.18% last week, after reaching 7.40% in mid-September.
