Home sales fell for the ninth straight month in October, as higher rates scared off potential buyers
The median price of an existing home sold in October was $379,100 , an increase of 6.6% from the year before. The price gains, however, are shrinking, as the seasonal drop in home prices this time of year appears to be much deeper than usual.
Overall, homes went under contract in 21 days in October, up from 19 days in September and 18 days in October 2021. More than half, 64%, of homes sold in October 2022 were on the market for less than a month, suggesting that there is still strong demand if the home is priced right. First-time buyers, who are likely most sensitive to the increase in mortgage rates, made up just 28% of sales, down from 29% the year before. This cohort usually makes up 40% of home purchases. Investors or second-home buyers pulled back, buying just 16% of the homes sold in October compared with 17% in October 2021.
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