Limited inventory and stable interest rates have dragged U.S. home sales to a 13-year low
November 23, 2023
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The National Association of Realtors has published such data for October 2023.
What has happened? Tight inventory and flat interest rates caused U.S. home sales to fall to a 13-year low in October 2023, according to a report from the National Association of Realtors (NAR). And limited supply has pushed average prices for existing homes to new highs.
Details. Existing home sales fell by 4.1% in October compared to the previous month. Year-on-year, the number of transactions decreased by 14.6%. The figures include single-family homes, townhomes, condominiums and co-ops.
However, the prices started to move in the opposite direction, hitting a record high for the month of October, the report said. The average existing home price for all property types was $391,800 in October, up 3.4% from October 2022 and marking the fourth consecutive month of year-over-year price increases.
Quote. “While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year over year,” NAR chief economist Lawrence Yun said. In fact, the NAR report found that typical homeowners have accumulated more than $100,000 in housing wealth over the past three years.
Peculiarities. In general, more expensive homes are facing less competition, Yun said. They are “unique and therefore more difficult to match the preferences of buyers. Homes are disposed longer on the market and require price concessions”.
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