JRE - Home Sales Down YoY Amid Tight Inventory Affordability Challenges Rising Mortgage Rates

• Actual sales of all types of existing homes fell 8.2% year-over-year to 526,000 homes in October, with sales of single-family houses falling 8.2% year-over-year to 469,000 houses in the month, and sales of condos and co-ops falling 8.1% year-over-year to 57,000 units, according to data from the National Association of Realtors today.
• By Region, the seasonally adjusted annual rate of sales fell year-over-year in all four regions: By 13.8% in the Northwest, by 6.3% in the Midwest, by 3.5% in the South, and by 5.1% in the West.
• The median price rose 13.1% year-over-year, backing off the peak-frenzy spikes in May and June of over 23% year-over-year.

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