Existing Home Sales Crash To Slowest Since 2010, Hit Record Low In The West
https://www.zerohedge.com/personal-finance/existing-home-sales-crash-slowest-2010-hit-record-low-westWith housing affordability at its lowest since at least the early 1980s, (and homebuilder sentiment slumping as mortgage rates rose), it's no surprise that analysts expected existing home sales in October to tumble 1.5% MoM.
Sales actually fell 4.1% MoM (far worse than expected and down for the 20th time in the last 23 months) with September's 2.0% MoM decline revised even lower to -2.2% MoM. That decline left existing home sales down 14.6% YoY...
Source: Bloomberg
The total existing home sales SAAR plunged to 3.79mm - the lowest since the tax credit expired in Aug 2010...
Sales fell in three of four regions, while they were unchanged in the Midwest. They hit a record low in the West and matched an all-time low in the Northeast
Finally, the percentage of homes that are vacant fell to the lowest level on record in August, and ticked up only slightly in September...
Existing home sales crashed, which is the largest since 2010. It hit hard in the West and Northeast. August 2023 is lowest on record. The vacancy rate is lowest as well.
