For the fifth straight month, sales of existing homes fell due to the ongoing low inventory problem coupled with multi-decade highs in borrowing costs in October. Home prices rose annually for the fourth straight month, while monthly inventories were at 3.6 months and below 6 months, which is seen as normal.
The takeaway... this report is backward-looking. Home borrowing costs are currently the lowest in over two months, providing some relief for buyers and homeowners who have a low rate but need to relocate, upsize, or downsize... continued rate stabilization will help.
