Realtors Urge Fed To Stop Hiking As Existing Home Sales Slump Most Since 2014

Despite a modestly better than expected 1.4% MoM rise (after September's 3.4% slump), existing home sales slumped 5.1% year-over-year - the biggest drop since 2014.

Regionally, The West is suffering the most...

Existing-home sales in the Northeast increased 1.5% to an annual rate of 690,000, 6.8% below a year ago. The median price in the Northeast was $280,900, up 3.0% from October 2017.

In the Midwest, existing-home sales declined 0.8% from last month to an annual rate of 1.27 million in October, down 3.1% from a year ago. The median price in the Midwest was $197,000, up 2.4% from last year.

Existing-home sales in the South rose 1.9% to an annual rate of 2.15 million in October, down 2.3% from last year. The median price was $221,600, up 3.8% from a year ago.

Existing-home sales in the West grew 2.8% to an annual rate of 1.11 million in October, 11.2% below a year ago. The median price in the West was $382,900, up 1.9% from October 2017.

The median existing-home price for all housing types in October was $255,400, up 3.8 percent from October 2017 ($246,000). October’s price increase marks the 80th straight month of year-over-year gains.

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