Existing home sales in the US tumbled 5.9% to a seasonally adjusted annual rate of 4.43 million in October of 2022, the lowest since December of 2011 with the exception of a very brief fall at the beginning of the pandemic, and compared to the market forecasts of 4.38 million. It was the ninth straight month of falling sales as home prices remained elevated and a 30-year fixed mortgage rate hit a 20-year high pushing many buyers out of the market. "More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher. The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years", said NAR Chief Economist Yun. Meanwhile, the total housing inventory fell 0.8% to 1.22 million units. The median existing-home price for all housing types was $379,100, up 6.6% from October 2021. Properties typically remained on the market for 21 days in October, up from 19 days in September. source: National Association of Realtors
Existing Home Sales in the United States averaged 4064.10 Thousand from 1968 until 2022, reaching an all time high of 7250.00 Thousand in September of 2005 and a record low of 1370.00 Thousand in March of 1970. This page provides the latest reported value for - United States Existing Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. United States Existing Home Sales - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.
Existing Home Sales in the United States is expected to be 4350.00 Thousand by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States Existing Home Sales is projected to trend around 5000.00 Thousand in 2023 and 4700.00 Thousand in 2024, according to our econometric models.