BREAKING: U.S. Existing Home Sales Drop 5.5% in October to Lowest Pace Since August 2010 as Mortgage Rates Hit...

U.S. existing home sales fell 5.5% month-over-month in October to a seasonally adjusted annualized rate of 3.75 million, marking the slowest sales pace since August 2010—and the lowest level since 1995 outside of the 2010 downturn.
On a year-over-year basis, existing home sales declined 8.8%, representing the steepest annual drop since November 2023. Regional data showed the sharpest contraction in the West, where sales plunged 9.7% from the prior month to an annualized rate of 650,000, the lowest reading since 1999.
Existing single-family home sales decreased 5.8% month-over-month to an annualized pace of 3.41 million, the weakest level since October 2010. The downturn coincided with 30-year fixed mortgage rates surging to 7.6% last month, their highest level since 2000 aside from a brief peak in 2023, weighing heavily on housing demand.