CNBC’s Diana Olick: Home Sales Down 28.4% Year Over Year, the Slowest Sales Pace Since the End of 2011

SANTELLI Also out leading ░░░░░░░░ indicators along with existing ░░░░░░░░ sales for the month ░░░░░░░░ October For existing home ░░░░░░░░ we turn to Diana ░░░░░░░░ Diana OLICK Well Rick ░░░░░░░░ home sales in October ░░░░░░░░ 5 9 to a ░░░░░░░░ adjusted annualized rate of ░░░░░░░░ 43 million units That ░░░░░░░░ slightly better than the ░░░░░░░░ was looking for but ░░░░░░░░ were down 28 4 ░░░░░░░░ over year That s ░░░░░░░░ slowest sales pace since ░░░░░░░░ end of 2011 with ░░░░░░░░ exception of the brief ░░░░░░░░ at the start of ░░░░░░░░ pandemic Now despite the ░░░░░░░░ slowdown supply is still ░░░░░░░░ There were 1 22 ░░░░░░░░ homes for sale at ░░░░░░░░ end of October down ░░░░░░░░ under 1 both month ░░░░░░░░ month and year over ░░░░░░░░ At the current sales ░░░░░░░░ that s a 3 ░░░░░░░░ month supply A balanced ░░░░░░░░ is considered around four ░░░░░░░░ six months supply That ░░░░░░░░ supply continues to hold ░░░░░░░░ floor under prices The ░░░░░░░░ price of an existing ░░░░░░░░ in October was 379 ░░░░░░░░ up 6 6 year ░░░░░░░░ year That annual comparison ░░░░░░░░ is shrinking While sales ░░░░░░░░ dropping across all price ░░░░░░░░ they re falling the ░░░░░░░░ in the 150 000 ░░░░░░░░ 250 000 range and ░░░░░░░░ million plus The low ░░░░░░░░ drop is because there ░░░░░░░░ so little there for ░░░░░░░░ The high end weakness ░░░░░░░░ likely due to losses ░░░░░░░░ the stock market inflation ░░░░░░░░ interest rates and global ░░░░░░░░ uncertainty All of those ░░░░░░░░ on higher end buyers ░░░░░░░░ back to you.”