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

EXCERPT:

OLICK: "Well, Rick, those home sales in October fell 5.9%, to a seasonally adjusted annualized rate of 4.43 million units. That’s slightly better than the street was looking for, but sales were down 28.4% year-over-year. That’s the slowest sales pace since the end of 2011, with the exception of the brief slowdown at the start of the pandemic. Now, despite the sales slowdown, supply is still falling. There were 1.22 million homes for sale at the end of October, down just under 1% both month-to-month and year-over-year. At the current sales pace, that’s a 3.3-month supply. A balanced market is considered around four to six months’ supply. That tight supply continues to hold the floor under prices. The median price of an existing home in October was $379,100, up 6.6% year-over-year. That annual comparison, though, is shrinking. While sales are dropping across all price points, they’re falling the most in the $150,000 to $250,000 range and $1 million plus. The low-end drop is because there's so little there for sale. The high-end weakness is likely due to losses in the stock market, inflation, higher interest rates, and global economic uncertainty. All of those weighing on higher end buyers.”