November 21, 2023
I’m not gonna bullshit you – the housing market is not good– and it seems to be getting worse. All the indicators are all going in the wrong direction.
It’s brutal if you’re trying to sell a house and it’s brutal if you’re trying to buy a house.
That’s according to the new existing home sales numbers that were just released today by the National Association of Realtors for the month of October.
The report found every single region in this country saw sales drops in October of this year compared to October of last year. That includes sales drops in the northeast, the south, the west and the Midwest. The average…nationwide – October of 2023 saw more than 4.1% in home sales declines than September and 14.6% fewer sales than October of last year.
The existing home inventory which includes, single family homes, condos, townhomes and co-ops also decreased in October. There were 5.7% fewer existing homes on the market for sale than October of 2022.
And just to add insult to injury – the median existing home price went up in October in every region of the country over last year. This is the fourth straight month of year-over-year existing home price increases.
The median existing home sales prices for October? $391,800.
If you want to know the median price in your area – the most expensive – by far – was in the west where the median price was $602,200, up 2.3% from October 2022. The second most expensive was the northeast where the median price in the was $439,200, up 7.5% from the previous year. Third most expensive was the south where the median price in the south was $357,700, up 3.5% from last year. And the most inexpensive was in the Midwest where the median price was $285,100, up 4.2% from October 2022.
Read the report from the National Association of Realtors here.
