Existing home sales in the US declined 5.5% in October 2026 to a seasonally adjusted annual rate of 3.75 million units, the lowest level since August 2010 and below market expectations of 3.85 million. According to NAR Chief Economist Lawrence Yun, the downturn reflects the impact of elevated mortgage rates, which are now at their highest levels since 2000, excluding one month in 2023. He emphasized that most homeowners remain financially stable, supported by sizable gains in housing wealth, and suggested that a reduction in mortgage rates could release substantial pent-up demand.
Regionally, sales were flat in the Northeast at 470,000 units. In contrast, the Midwest recorded a 3.2% decline to 900,000 units, the South fell 6.5% to 1.73 million, and the West dropped 9.7% to 650,000.
Housing inventory increased 1.3% from September and 4.6% from a year earlier to 1.59 million homes. This represents 5.1 months of supply, up from 4.7 months in September. The median existing home price rose 0.4% year over year to $416,700.
