Online real estate marketplace Ten-X is forecasting October existing sales to end the month between 5.2 and 5.49 million units with a targeted number of 5.35 million.
That would mean a 0.8% fall for the month compared to the reported September sales by NAR.
Inventory remains pressured while construction of new homes remains below demand, adding pressure to the existing homes market. This means that sellers are reluctant to list fearing they will have limited choices to buy, exacerbating the inventory challenge.
"Demand for homes remains solid due to a robust labor market and low mortgage rates," said Ten-X Chief Economist Peter Muoio. "However, extremely low inventory of homes for sale is a major factor constraining sales and driving up prices, diminishing affordability. High student debt, relatively tight underwriting conditions, and the potential for higher interest rates could further constrain a considerable segment of home buyers."
With inventory lagging, prices are rising with the Ten-X Nowcast predicting a 5.1% annual increase in the median price to between $231,897 and $256,308 in October, with a targeted $244,103, down 0.4% from September’s confirmed NAR price of $245,100.
More market update:
With another month approaching its end, it seems that sales of existing homes have eased according to a market predictor.