Existing Home Sales Record Price Drop
Sales of existing homes dropped 3.1% from the prior month in October, and slipped 1.6% from the previous year. Total housing inventory fell 0.9%. percent to 4.23 million existing homes available for sale, which represents a 10.2-month supply at the current sales pace, up from a 10.0-month supply in September. Single-family home sales declined 3.3 percent to a seasonally adjusted annual rate of 4.43 million
Prices fell by the most on record: Median price fell 11.3% ($183,300) from a year earlier. This is the largest year-over-year existing home price decrease since records began in 1968.