U.S. and Canadian Housing Markets Weaken in October

U.S. existing-home sales fell 5.5% in October to an annualized 3.75 million, the lowest level since 2010, and were down 8.8% from a year earlier; mortgage rates averaged 7.33%. Home-price measures diverged: the National Association of Realtors reported a 0.4% annual increase, while Redfin recorded a 0.4% decline, its first annual drop since May 2023. Pending sales reached a record low, while greater inventory gave buyers more choice and negotiating power, though affordability remained strained. In British Columbia, sales fell nearly 11% year over year and average prices slipped 2.8%, with Greater Vancouver particularly weak and Kamloops an exception. Pueblo County sales fell nearly 20% even as median prices rose; local agents said motivated sellers and seasonal conditions could create opportunities for buyers.