US Existing-Home Sales Slide Further, Still Lowest Since 2010
- Sales of previously owned homes fell a fifth month in October
- NAR expects inventory to improve as mortgage rates retreat
Homes in Thornton, Colorado.
Photographer: Chet Strange/BloombergThis article is for subscribers only.
Sales of previously owned US homes fell by the most in nearly a year in October, highlighting the toll elevated mortgage rates and still-high prices continue to take on the resale market.
Contract closings decreased 4.1% from a month earlier to a 3.79 million annualized pace, still the lowest since 2010, National Association of Realtors data showed Tuesday. The figure was weaker than all but one estimate in a Bloomberg survey of economists.