Existing home sales decreased to SAR 4.43 million in October

by calculated risks 11/18/2022 10:12:00 AM

From the NAR: Existing Home Sales fell 5.9% in October

Existing home sales fell for the ninth straight month in October, according to the National Association of Realtors®. All four major regions of the United States reported declines both month-over-month and year-over-year.

Total existing home sales — completed transactions that include single-family homes, townhouses, condominiums and co-ops — fell 5.9% from September to Seasonally adjusted annual rate of 4.43 million in October. On an annual basis, sales are down 28.4% (down from 6.19 million in October 2021).

Total registered housing stock at the end of October was 1.22 million units, down 0.8% from both September and a year earlier (1.23 million). Unsold inventory remains at 3.3 months shown at the current pace of sales, up from 3.1 months in September and 2.4 months in October 2021.
Affirmations added

Click on the chart for a larger image.

This graph shows existing home sales, on a seasonally adjusted annual rate (SAAR) basis, since 1993.

Sales in October (4.43 million SAR) were down 5.9% from the previous month and were 28.4% below the average October 2021 sales.

The second chart shows the national inventory of existing homes.

Current home inventory
According to the NAR, the inventory fell to 1.22 million in October from 1.23 million in September.

The main stock does not adjust seasonally, stock usually drops to seasonal lows in December and January, and peaks in mid to late summer.

The last graph shows the year-over-year change in existing home inventory and months of supply. Since inventory doesn’t adjust seasonally, it’s really helpful to look at the annual change. Note: Months of supply are based on seasonally adjusted sales, not seasonally adjusted inventory.

Annual inventory Inventory was essentially unchanged year-over-year (in blue) in October compared to October 2021.

Supply months (in red) increased to 3.3 months in October from 3.1 months in September.

This was just above the agreed expectations. I’ll take more later.

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