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Existing-Home Sales Sink to Lowest Level Since 2010

Reported · Written up by our desk · Residential

Existing-home sales had another rough month, and just hit their lowest level since August 2010. Mortgage rates are largely to blame. The National Association of REALTORS® (NAR) reported a 5.5% monthly decline and an 8.8% year-over-year decline , bringing the seasonally adjusted annual sales rate to just 3.75 million . Chief Economist Lawrence Yun attributed the weakness to mortgage rates, which have tested levels not seen since 2000. Inventory continued to improve modestly, even as sales slowed. Total housing inventory reached 1.59 million units , up 1.3% from September and 4.6% year over year

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