Home Sales Slump Explained: Why October Resales Fell
October's home sales slump is a transaction freeze, not evidence that American homes suddenly lost their value. The National Association of Realtors reported on November 12 that existing-home sales fell 5.5% from September to a seasonally adjusted annual pace of 3.75 million, the slowest since August 2010. Our report on the October release has the print; the question here is why fewer buyers and sellers can agree on a deal even as more properties appear on the market.
Key Takeaways Existing-home sales fell 5.5% in October to a 3.75 million annual pace, according to the National Association of Realtors. Unsold existing homes rose to 1.59 million, or 5.1 months of supply at October's slower sal…
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