Existing home sales drop for ninth straight month in October


Housing market is ‘depressed’ and consumers will start pulling back: Fred Lane

Lane Generational founder and CEO Fred Lane predicts ‘persistently high inflation’ over the next four to five years and run ahead of interest rates.

U.S. existing home sales slowed for the ninth straight month in October as rising mortgage rates, surging inflation and steep home prices drained consumer demand. 

Sales of previously owned homes tumbled 5.9% in October from the previous month to an annual rate of 4.43 million units, according to new data released Friday by the National Association of Realtors (NAR). That is slightly better than what economists were expecting, according to Refinitiv. 

On an annual basis, home sales plunged 28.4% in October. 

"More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher," NAR chief economist Lawrence Yun said in a statement. "The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years."

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