By Geoffrey Smith
Investing.com -- Existing home sales in the U.S. posted their steepest decline in eight months in October, under pressure from sky-high prices and rising borrowing costs.
The National Association of Realtors said sales fell 5.9% from September, their ninth straight monthly drop, leaving them down 28.4% from a year earlier.
The median existing-home sales price rose 6.6% on the year to $379,100, it added. Sales declines were sharpest in those regions which had posted the biggest gains during the early stage of the pandemic, it added.
The inventory of unsold existing homes also fell for the third consecutive month to stand at 1.22 million by month-end, the equivalent of 3.3 months' supply at the current monthly pace of sales.