US Existing Home Sales Are Crashing At Their Fastest Pace 'Since Lehman'

  • by:
  • Source: ZeroHedge
  • 11/18/2022

US Existing Home Sales Are Crashing At Their Fastest Pace 'Since Lehman'

  • by:
  • Source: ZeroHedge
  • 11/18/2022

The first glimpse of October's housing market (after September's slump) is not a pretty one as US existing home sales in October collapsed 5.9% MoM (slightly better than the 6.6% expected). That is the 9th straight monthly decline in sales.

This monthly decline pushed the year-over-year drop in existing home sales to -28.4% - its worst level since 2008!

Absent the nadir of the COVID lockdowns, this is the lowest existing home sales SAAR since Dec 2011...
 

"More potential homebuyers were squeezed out from qualifying for a mortgage in October as mortgage rates climbed higher," said NAR Chief Economist Lawrence Yun.

"The impact is greater in expensive areas of the country and in markets that witnessed significant home price gains in recent years."

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