Sales of existing homes sank another 5.9% in October to a 4.43 million seasonally adjusted annual rate. That is the ninth consecutive monthly decline, leaving the selling pace at the lowest level since May 2020, the low of the lockdown recession. Excluding the lockdown recession, sales have been at their lowest since December 2011. Sales were down 28.4%t from a year ago and 31.7% from the January peak.

Sales in the market for existing single-family homes, which account for about 90% of total existing-home sales, dropped 6.4% in October, coming in at a 3.95 million seasonally adjusted annual rate (see first chart). Sales are down 28.2% from a year ago and 31.3% from the January peak. Single-family sales also fell for the ninth consecutive month and were at their slowest pace since the May 2020 lockdown recession.

The single-family segment saw sales decline in all four regions. Sales fell by 4.7% in the Midwest, 5.4% in the South, the largest region by volume, 7.8% in the Northeast, the smallest region by volume and 10.3% in the West. Sales were down double digits in all four regions from a year ago (-38.1% in the West, -26.4% in the South, -25.5% in the Midwest, and -23.0% in the Northeast).

Condo and co-op sales fell 2.0% for the month, leaving sales at a 480,000 annual rate for the month versus 490,000 in September (see first chart). Measured from a year ago, condo and co-op sales were off 30.4% and were at their slowest pace since June 2020.