Mr. Gardner discusses US existing home sale statistics and the Case Shiller Index data in this week’s economic and real estate forecast.
What I Saw Last Week
U.S. Existing Home Sales declined 3.4% in October to a seasonally adjusted annual rate of 5.36 million units from an unrevised 5.55 million units in September. I was expecting a contraction, but to 5.50M units.
Notably, sales didn’t increase in any region. The Northeast was unchanged, the Midwest was down 0.8%, the South was down 3.2%, and the West was down 8.7%.
The October sales decline featured a 3.7% drop in sales of single-family homes to a seasonally adjusted annual rate of 4.37 million. These sales were impacted by limited inventory, financial market volatility, and affordability conditions even though mortgage rates remained below 4 percent for the third straight month. Existing condominium and co-op sales fell 1.6% to a seasonally adjusted annual rate of 610,000 units.
First-time buyers accounted for 31% of sales, up from 29% in September. Interestingly, a report published earlier in the…
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