Existing-Home Sales Sink 5.5% to Lowest Since 2010
Is the Fed's stubbornness hurting those that can least afford it or is this just a blip on the way to taming inflation?
Above: A home for sale Milwaukee, Wisconsin, on Oct. 28. Image credit: Michael Yanow/NurPhoto/Getty Images
The Facts
- Sales of existing U.S. homes fell 5.5% in October to a seasonally adjusted annual rate of 3.75 million, the lowest level since August 2010, the National Association of Realtors (NAR) said Thursday. Economists polled by Reuters had expected 3.85 million.
- Sales dropped 8.8% compared with October 2025, while unsold inventory rose to 1.59 million homes, the highest level since November 2019. That translates to a 5.1-month supply at the current sales pace, the largest since November 2015.
- The average rate on a 30-year fixed mortgage climbed as high as 7.40% in October, its highest since 2023. The Mortgage Bankers Association reported an average of 7.21% for the week ending Nov. 6, up about 120 basis points from a year earlier.
Sources Split
LEFT
CENTER
RIGHT
+1
+1
+1
+1
+1
ESTAB
CRIT
CENTER
PRO
ESTAB
The Spin
Establishment-critical narrative
Working Americans are being systematically priced out of homeownership by a Federal Reserve that won’t relent. First-time buyers have collapsed to just 29% of sales while investors now grab 20% of an already shrinking pool. This is cementing a two-tier market that punishes those who can least afford it.
Pro-establishment narrative
The Fed’s rate cycle is painful, but getting inflation under control is the real goal. Despite this news, the housing market’s fundamentals remain sound. With distressed sales at a historic low of just 2% of transactions, this is a freeze, not a crash, and pent-up demand is quietly building for when rates ease.
