Housing Crisis: October Home Sales Dive 4.1% – Worst in 20 Months!

In the midst of a housing affordability crisis, reaching its lowest point since the early 1980s, and a dip in homebuilder confidence amid climbing mortgage rates, industry analysts foresaw a modest 1.5% month-over-month (MoM) decline in existing home sales for October.

Contrary to these predictions, the actual numbers revealed a more significant contraction, with a substantial 4.1% MoM decline. This outcome not only exceeded the expected downturn but also marked the 20th occurrence of such contractions within the past 23 months. Adding to the situation, the previously reported 2.0% MoM decline in September was further revised downward to -2.2% MoM. Consequently, this downward trend resulted in a substantial 14.6% year-over-year (YoY) decline in existing home sales.