Existing Home Sales Slip in October

Existing Home Sales Slip in October

For the fifth straight month, sales of existing homes fell due to the ongoing low inventory problem coupled with multi-decade highs in borrowing costs in October. Home prices rose annually for the fourth straight month, while monthly inventories were at 3.6 months and below 6 months, which is seen as normal.

The takeaway... this report is backward-looking. Home borrowing costs are currently the lowest in over two months, providing some relief for buyers and homeowners who have a low rate but need to relocate, upsize, or downsize... continued rate stabilization will help.

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