A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022.
David Paul Morris | Bloomberg | Getty Images
Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines.
Sales of previously owned homes dropped 5.9% from September to October, according to the National Association of Realtors. That is the slowest pace since December 2011, with the exception of a very brief drop at the beginning of the Covid-19 pandemic.
The October reading put sales at a seasonally adjusted, annualized pace of 4.43 million units. Sales were 28.4% lower year-over-year.
Even as sales slow, supply is still stubbornly…