Existing Home Sales Fade Further

Existing home sales achieved their lowest annual level in ten years in September, and now appear to have doubled down. The National Association of Realtors® (NAR) said sales of pre-owned single-family homes, townhouses, condominiums, and cooperative apartments fell another 4.1 percent in October to an annual rate of 3.79 million homes. This is 14.6 percent below the 4.44 million level of sales in October 2022. Single-family home sales decreased to a seasonally adjusted annual rate of 3.38 million, a 4.2 percent decline from 3.53 million in September. Condo/co-op sales fared slightly better, slipping only 2.4 percent month-over-month to an annual rate of 410,000 units. Both single-family and condo/co-op sales were 14.6 percent lower than the same month last year. [existinghomesdata] Analysts had expected a less drastic decrease from the 3.95 million level of sales in September. Both Econoday and Trading Economics had consensus estimates of 3.9 million. "Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun. "Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market." There were 1.15 million housing units available for sale at the end of October. This is an increase of 1.8 percent from the previous month but 5.7 percent fewer homes than a year earlier. Unsold inventory sits at a 3.6-month supply at the current sales pace, up from 3.4 months in September and 3.3 months in October 2022.

November 21, 2023 Download our Mobile App: Download our Mobile App: Housing News Existing Home Sales Fade Further Existing home sales achieved their lowest annual level in ten years in September, and now appear to have doubled down. The National Association of Realtors® (NAR) said sales of pre-owned single-family homes, townhouses, condominiums, and cooperative ... (read more) Mortgage Rate Watch Mortgage Rates Officially Hit 2 Month Lows The bond market that underlies mortgage rates has had several decent days in a row with trading levels in excellent territory relative to the past two months and minimal volatility day-over-day. Today added to the winning streak amid another la... (read more) MBS Commentary Modest, Decent Gains, But Not Many Surprises Modest, Decent Gains, But Not Many Surprises The bond market continues mostly adhering to expectations for narrower trading ranges and less directional movement against the backdrop of a holiday-shortened wee... (read more) Rob Chrisman TPO, LOS, Cybershield, Subservicing Products; STRATMOR on Customer Satisfaction “This commentary is only available while supplies last!” In the fall of 1621, the Pilgrims, working hard in Plymouth Colony after coming to North America with limited supplies in 1620, held a three-day feast to celebrate a bountiful harvest: the nati... (read more) Mortgage Rates 30 Yr. Fixed Rate 7.33% -0.05% Rate Change Points Mortgage News Daily 30 Yr. Fixed 7.33% -0.05 0.00 15 Yr. Fixed 6.71% -0.05 0.00 30 Yr. FHA 6.66% -0.05 0.00 30 Yr. Jumbo 7.72% -0.03 0.00 5/1 ARM 6.85% -0.08 0.00 30 Yr. VA 6.68% -0.04 0.00 Updates Daily - Last Update: 11/21 15 Yr. Fixed Rate 6.71% -0.05% Rate Change Points Freddie Mac 30 Yr. Fixed 7.44% -0.06 0.00 15 Yr. Fixed 6.76% -0.05 0.00 Updates Weekly - Last Update: 11/16 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 7.61% -0.25 0.69 15 Yr. Fixed 6.98% -0.16 0.88 30 Yr. Jumbo 7.58% -0.22 0.65 Updates Weekly - Last Update: 11/8 MBS / Treasuries UMBS 30YR 6.0 99.97 +0.19 Price / Yield Change MBS UMBS 6.0 99.97 +0.19 UMBS 6.5 101.39 +0.20 GNMA 6.0 100.38 +0.19 GNMA 6.5 101.41 +0.22 Pricing as of: 11/21 5:31PM EST 10 Year US Treasury 4.4020 -0.0220 Price / Yield Change US Treasury 2 YR Treasury 4.885 -0.034 5 YR Treasury 4.412 -0.034 7 YR Treasury 4.435 -0.029 10 YR Treasury 4.402 -0.022 30 YR Treasury 4.556 -0.020 Pricing as of: 11/21 5:31PM EST Latest Video The Fed doesn't want markets to think they're done hiking rates, says Santa... The consumer has growing apprehension on big-ticket item spending, says UBS... Fmr. Fed official on push for banks to hold more capital: Will drive activi... Home sales fell to a 13-year low in October Around the Web CNBC Home sales fell to a 13-year low in October as prices rose CNBC Fed gave no indication of possible rate cuts at last meeting, minutes show Calculated Risk Blog NAR: Existing-Home Sales Decreased to 3.79 million SAAR in October; New Cycle Low, Months-of-Supply Close to 2019 Levels Eye on Housing Declines for Custom Home Building Marketwatch Fed's Barkin says he sees inflation 'being stubborn,' makes case for keeping rates 'higher for longer' CNBC Treasury yields fall as investors await Fed meeting minutes CNBC Lowe's cuts sales outlook as homeowners take on fewer projects; shares slide Calculated Risk Blog 4th Look at Local Housing Markets in October Calculated Risk Blog Housing November 20th Weekly Update: Inventory Up Slightly Year-over-year CNBC Treasury yields rise as investors weigh economic outlook CNBC Home sales fell to a 13-year low in October as prices rose Calculated Risk Blog LA Port Inbound Traffic Increases in October Eye on Housing Flat Readings for Single-Family Built-for-Rent

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