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Existing Home Sales Continue Slide In October

  • Existing home sales were lower than expected in October at 3.79m (cons 3.90m), with a clean read on the month after only marginal revisions.
  • The latest profile sees sales falling -4.1% M/M (cons -1.5) after -2.2% (initial -2.0), for the largest single seasonally adjusted monthly decline since Nov’22.
  • Whilst lower than expected, the relative level of existing home sales is in keeping with the prior decline in pending sales, now almost 30% below the 2019 average.
  • Months of supply showed further signs of the housing market moving back closer to pre-pandemic balances, up from 3.4 to 3.6 on the month for the highest October since 2019 and vs the 4.1 averaged in 2017-19 Octobers.

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