Sales of previously owned houses fell in October for the ninth consecutive month as rising interest rates pushed potential homebuyers out of the market.
Lane Generational founder and CEO Fred Lane predicts 'persistently high inflation' over the next four to five years and run ahead of interest rates., surging inflation and steep home prices drained consumer demand.
Sales of previously owned homes tumbled 5.9% in October from the prior month to an annual rate of 4.43 million units, according to new data released Friday by the National Association of Realtors . That is slightly better than what economists were expecting, according to Refinitiv. "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.
"Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers," Yun said. "In October, 24% of homes received over the asking price. Conversely, homes sitting on the market for more than 120 days saw prices reduced by an average of 15.8%." At the current pace of sales, it would take roughly 3.3 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level.
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