US home sales hit 10-year low as mortgage rates rise
SPY•September U.S. home sales fell 5.4% year over year, and combined August and September sales volumes reached a 10-year low. October mortgage rates averaged 7.35%, while national home prices rose 1.8% year over year.
1. Sales and rates
September U.S. home sales fell 5.4% year over year, and combined August and September sales volumes hit a 10-year low. Sales declined in 40 of the 50 largest metropolitan markets. October 30-year mortgage rates averaged 7.35%, compared with 4.33% on outstanding mortgages in August.
2. Turnover and prices
Housing turnover fell to 3.8%, below the 5% average for 2011-2019. National home prices rose 1.8% year over year, up from 1.6% in July, with regional differences attributed to supply constraints and cooling demand.
