Wednesday, November 30, 2022 | The Latest Buzz for the Appraisal Industry

Sales for Existing Home Continued Downward Trend in October

Existing-home sales retreated for the ninth straight month in October, according to the National Association of REALTORS. All four major U.S. regions registered month-over-month and year-over-year declines. Total existing-home sales decreased 5.9% from September to a seasonally adjusted annual rate of 4.43 million in October. Year-over-year, sales dropped by 28.4% (down from 6.19 million in October 2021).

“More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed