Existing-home sales drop for ninth successive month

The largest yearly median list price growth occurred in Milwaukee, Miami, and Kansas City, while the highest increases in the share of homes with year-on-year price reductions occurred in Phoenix, Austin, and Las Vegas.

“Mortgage rates have come down since peaking in mid-November, so home sales may be close to reaching the bottom in the current housing cycle,” Yun said.

First-time buyers were responsible for 28% of sales in October, down from 29% in September 2022 and October 2021. All-cash sales accounted for 26% of transactions, up from 22% in September and 24% in October 2021.

For single-family homes, sale numbers declined to a seasonally adjusted annual rate of 3.95 million, down 6.4% from September and 28.2% from October 2021. The median existing single-family home price was $384,900, increasing by 6.2% year-on-year.