US home sales fall for 9th month in a row in October | CNN Business

Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 28.4% in October from a year ago and down 5.9% from September, according to the National Association of Realtors. All regions of the US saw month-over-month and year-over-year declines. That continues a slowing trend that began in February and marks the longest streak of declining sales on record.

Still, home prices continued to climb during the month. The median home price was $379,100 in October, up 6.6% from one year ago, according to the report. But that’s down from the record high of $413,800 in June. The price increase marks more than a decade of year-over-year monthly gains. “More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher,” said Lawrence Yun, NAR’s chief economist.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyersHome sales fell for the ninth straight month in October, as higher rates scared off potential buyers Good. Prices need to come down. We need affordable housing today; especially for young people Yep brandon doing a bang up job to the economy. POTUS
Source: CNBC - 🏆 12. / 72 Read more »