WASHINGTON, D.C. — Existing-home sales dropped in October, according to an announcement by the National Association of Realtors. Among the four major U.S. regions, sales slid in the Northeast, South and West but were unchanged in the Midwest. All four regions experienced year-over-year sales declines

"Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation," said NAR Chief Economist Lawrence Yun in the statement. "Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market."

According to the announcement, total existing-home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops – fell 4.1% from September to a seasonally adjusted annual rate of 3.79 million in October. Year-over-year, sales decreased 14.6%, down from 4.44 million in October 2022.

In the West specifically, existing home sales decreased 1.4% from the prior month to an annual rate of 690,000 in October, down 14.8% from one year ago, said the statement. The median price in the West was $602,200, up 2.3% from October 2022.

“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October," Yun said. "In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years."