Newsroom
Existing home sales decline again in October
Existing home sales declined 5.9 percent in October to a seasonally-adjusted annualized rate of 4.4 million units, marking the ninth straight month of declining sales and representing a 28.4 percent decrease in sales compared to last year. NAFCU Chief Economist and Vice President of Research Curt Long analyzes the data in the latest Macro Data Flash report.
“The median home price declined for a fourth straight month, following typical seasonal patterns,” said Long “High mortgage rates continue to sideline potential homebuyers. According to the National Association of Realtors properties typically remained on the market 21 days in October, 2 days longer than in September.”
Long noted that although “the inventory to sales ratio did rise slightly in October,” the ratio is only half its usual level.
"Low inventory has helped buoy prices even while interest rates rose this year,” added Long. “Median home price declined in seasonal fashion last month, but the year-over-year price hit a record 128 straight months with year-over-year growth.”
Sales fell in all four regions with a 9.1 percent decline in the West followed by the Northeast (-6.6 percent), the Midwest (-5.3 percent), and the South (-4.8 percent).
Long concluded by saying that even though the economy is generally faring better, “the housing recession shows no signs of ending soon.”
For more economic updates from NAFCU's award-winning research team, view all of NAFCU's Macro Data Flash reports.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.