NOTE: NAR chief economist Lawrence Yun will be interviewed live this evening at 5:15 p.m. ET on CNBC’s Rundown show.
Too few homes available for sale and home prices rising too fast is to blame for existing-home sales declining 3.4% in October.
Looking for the good news? Sales are still up 3.9% compared to October 2014 and have remained above the 5 million pace for eight consecutive months. This is the longest stretch above a 5 million sales pace since February through October of 2013.
Heading into 2016, Yun expects rising mortgage rates and affordability pressures to be a headwind on demand. However, sustained job creation and more homeowners realizing their equity gains should contribute to further gains for the housing market.
Below are a handful of charts to digest before what will likely be even more digestion after your Thanksgiving feast. Enjoy!
