Summary
U.S. sales of previously owned homes fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest level since August 2010. The decline came as mortgage rates rose, and first-time buyers made up a smaller share of purchases.Key Facts
- October sales fell 8.8% compared with a year earlier.
- Sales fell month over month in the Midwest, South and West, and were unchanged in the Northeast.
- Sales declined year over year in all four U.S. regions.
- First-time buyers made up 29% of purchases in October, down from 31% in September and 32% a year earlier.
- The average 30-year fixed mortgage rate was 7.33% in October, up from 6.86% in September and 6.25% a year earlier.
- Previously owned home sales are counted when the sale closes, so October figures likely reflected contracts signed in August and September.
- Home sales have been in a slump since 2022, when mortgage rates rose from pandemic-era lows.
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