Home sales may have their worst year in 30 years. Sales slumped in October and prices continued to climb, as mortgage rates surged last month and inventory remained extraordinarily low. That kept homebuyers out of the market, according to a monthly report from the National Association of Realtors released Tuesday.
Home sales remained at 13-year lows as buyers competed for the few available homes on the market and continued to push up prices. Elevated prices, together with the average rate for a 30-year fixed rate mortgage nearing 8% in October, have created the least affordable market in several decades.
The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — climbed to $391,800 last month. That was up 3.4% from a year ago and marked the fourth consecutive month of year-over-year price increases. It was the highest median price on record for the month of October. Prices rose in all four regions of the country, the Northeast, Midwest, South and the West, NAR found.
Here are some charts that show where home sales are headed in Virginia.