Existing Home Sales Drop 5.5% in October to a 3.75M Pace, Price Growth Stalls at 0.4%

Existing home sales fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the sharpest monthly decline in NAR's two-year data run, and the year-over-year slide deepened to 8.8%. The headline number is the stark part of the release. The quietly telling part is the price: the median existing-home price rose just 0.4% from a year ago to $416,700, the smallest annual increase in roughly a year and a half.

Key Takeaways Existing home sales fell 5.5% in October to a 3.75 million seasonally adjusted annual rate, down 8.8% from a year ago, per NAR. The median existing-home price rose just 0.4% year over year to $416,700, stalling after a run of 1% to 2.5% gains through the summer…