Previously owned home transactions fell 5.5 percent in October to an annual rate of 3.75 million units, marking the slowest pace since August 2010. High mortgage costs have depressed regional sales everywhere except the Northeast, where transaction volumes remained completely flat month-over-month. With the 30-year fixed-rate mortgage averaging 7.33 percent in October, first-time purchasers accounted for under a third of all purchases.
Key points
Elevated mortgage rates hovering above 7 percent continue to constrain national home purc…: Elevated mortgage rates hovering above 7 percent continue to constrain national home purchasing activity significantly.
Geographic sales declines were concentrated across the Midwest, South, and West, while th…: Geographic sales declines were concentrated across the Midwest, South, and West, while the Northeast remained unchanged.
America's 88 million existing homeowners maintain strong personal balance sheets bolstere…: America's 88 million existing homeowners maintain strong personal balance sheets bolstered by accumulated housing wealth.
Sources checked by our analysis pipeline: 1
Home sales dropped 5.5 percent in October, the lowest level since August 2010.
Sales of previously owned homes in the US have hit the lowest level since 2010 as mortgage rates hover above 7 percent.
The National Association of Realtors (NAR) said on Thursday that home sales dropped 5.5 percent in October to a seasonally adjusted annual rate of 3.75 million units. That was the lowest level since August 2010.
Recommended Stories
list of 4 items- list 1 of 4Trump launches probe into Federal Reserve Governor Lisa Cook
- list 2 of 4How has the cost of living changed in France, Italy, Spain and Portugal?
- list 3 of 4The world is $365 trillion in debt, and the interest bill is climbing
- list 4 of 4Rising costs and tight budgets strain Americans ahead of midterm elections
“Home buying is difficult when mortgage rates have climbed to their highest levels since 2000, aside from a single month in 2023. As a result, home sales fell to their lowest level since August 2010,” said NAR Chief Economist Lawrence Yun.
Investors are rapidly scaling back their exposure to non-yielding bullion as mounting inflation worries and hawkish Federal Reserve commentary bolster expectations of extended high interest rates. These pressures intensified after rising oil prices and a strengthening U.S. dollar near a 19-month peak battered precious metals across the board. The sharp selloff was further exacerbated as traders hit stop-loss triggers on recently established long positions.
The revised guidelines aim to provide international businesses with greater certainty by establishing clear operational timelines for addressing cross-border double taxation and treaty disputes. Indian tax authorities will target resolving these matters within two years, while imposing strict one-month deadlines for taxpayers and assessing officers to accept and implement agreed settlements. This procedural clarity directly impacts how multinational entities navigate parallel domestic litigation, advance rulings,…
Investment firm Guggenheim recently singled out a leading equity pick situated in the broader biotechnology sector. Market participants are watching the space closely as financial institutions evaluate healthcare and drug development opportunities. However, the brokerage did not provide the specific metrics or reasoning behind this latest sector recommendation.