US existing home sales fall 5.5pc in October

12th Nov 2026 15:20

(Sharecast News) - US existing home sales fell sharply in October, according to data from the National Association of Realtors, as higher borrowing costs and affordability pressures continued to weigh on housing market activity.

Sales of previously owned homes declined 5.5% month-on-month and were 8.8% lower than a year earlier. Regionally, sales were weaker across the Midwest, South and West on a monthly basis, while activity was unchanged in the Northeast. Compared with the same period a year ago, sales fell in all four regions.

Unsold inventory increased 1.3% month-on-month to 1.59m units, equal to a 5.1-month supply, while the median existing-home sales price increased 0.4% year-on-year to $416,700.

"Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010," said NAR chief economist Lawrence Yun.

"Despite fewer transactions in October, the 88m homeowners across the country are largely in a comfortable financial position due to sizable housing wealth accumulation. The number of distressed property sales remains historically low at only 2% of all transactions," Yun added. "Based on the current underwhelming home sales pace at a time of consistent job growth, there could be sizable pent-up demand if mortgage rates decline."

Reporting by Iain Gilbert at Sharecast.com