Home sales in the US are at their lowest level since 2016

The National Association of Realtors (NAR) said on Thursday that home sales dropped 5.5 percent in October to a seasonally adjusted annual rate of 3.75 million units. That was the lowest level since August 2010. “Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023.

As a result, home sales fell to their lowest level since August 2010,” said NAR Chief Economist Lawrence Yun. “Sales decreased by 8.8 percent year-over-year,” the NAR report found. “Month-over-month sales declined in the Midwest, South and West and held steady in the Northeast.

Year-over-year sales declined in all four regions.” The home sales used in the report are counted at the closing of a contract and are a look at previously occupied ones. October’s sales likely reflected contracts signed in August and September. “Despite fewer transactions in October, the 88 million homeowners across the country are largely in a comfortable financial position due to sizable housing wealth accumulation,” said the report.