The sale of existing homes in the United States dipped by almost 15 percent over the past year amid tight inventory and elevated mortgage rates, according to the National Association of Realtors (NAR).
Existing home sales fell from 4.44 million units last October to 3.79 million in October 2023, registering an annual decline of 14.6 percent, according to a Nov. 21 NAR press release. On a monthly basis, sales fell by 4.1 percent from September. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun.
