 A month to month to a seasonally adjusted annualized rate of 3.79 million units. That's according to the National Association of Realtor Sales down 14.6% year over year. That's a big miss. The street was looking for a smaller drop to 3.9 million. And this is the slowest sales pace since August of 2010. That if you may recall was when the home buyer tax credit expired. Now these are closed sales which represent contracts signed in September, which is when mortgage rates really took off going from right around 7% on the 30 year fix to over 8% in October falling back this month of course. Now supply edged up 1.8% from September, but still down 5.7% from October of last year to just 1.15 million units at the current sales pace. That's a 3.6 month supply, a little more than half of what is considered a balanced market between buyer and seller. Tight supply keeping pressure under prices. The median sale price in October, $391,800 of 3.4% year over year and that is an all-time high for October. Realtor has noted that multiple offers are still occurring, especially on starter and mid-price homes, while price concessions are rising on the higher end of the market. Sarah. That weird dynamic, Diana, where we're seeing this decline steepen in sales and yet prices are at a record? Yeah, and that's because there is still very strong demand out there and such tight supply where you're not seeing the price gain so much as on the higher end of the market where there's so much more available supply for sale. That's where you're seeing the price concessions, but when there's really nothing for sale on the lower end and there is still that very strong demand, you're seeing multiple offers and bidding wars, if you can believe it. Yeah, I mean it is hard to believe. Thank you very much, Diana Olect. Let me remove that. Okay, we got it. Here's the homes report. Let's dive into it. And you know what you think about that in the comments, right, this second? So did you guys hear what she said? Okay, so last month's sales report, this is September, all right? We were at 3.96 million. Now, this is the last report, okay? This isn't this report. I'm going back one report to September. Month over month we were down 2%, year over year down 15%. So it picked up, it slowed down. We were down 14.6% this report. Median sales price was 394, right? And then this month it was 391. So it went down a little month over month. Now let's dive into, here we go, all right. So existing home sales receded 4.1% in October. So from September to October, we went down 4.1%. Okay, existing home sales decended 4.1% in October to a seasonally adjusted annual rate of 3.79 million, okay? That is crazy low, okay? We have 4 million sales in 2008. They compared this to August. That was compared to August of 2010, okay? Number of transactions existing home sales. Sales slumped 14.6% from one year ago. Median existing home sale price climbed 3.4% from one year ago to 391.800. The fourth consecutive month of year over year price increases, okay? And she mentioned on there that that is an all-time high for October, okay? $391,800 on the median home price in America is an all-time high for the month of October. That's huge. The inventory of unsold existing homes grew 1.8% from the previous months to 1.15 million at the end of October, equivalent of 3.6 months of supply at the current monthly sales pace. So with when you talk about months of supply, it has a lot to do with not only the amount of inventory that you have, but also the pace of sales. And we know that the pace of sales is down 14.6% year over year. You could have a place where inventory only grew by 1.8%, right? Which is really small, but yet the months of supply increased just because inventory didn't really move a whole lot, but the pace of sales, you know, increased, okay? Set 3.79 million, all right? Year over year sales tumbled 14% down from the 4.4 million in October 2022. So we know that sales are extremely slow. We already know that. We know that we're at 2008 levels when it comes to existing home sales. And I've been telling you guys. This is your 2008. You better get excited about the fact that you know how many people back in 2008 that went through 2008 wishes they could go back in time and go back to 2008. Do you know how many people, and I'm one of them. And I'm looking at this like, thank you, Jesus, that we have this moment in time because not only are we down transaction wise and the market is retracted, but prices haven't went down. We just hit an all time high in October, ladies and gentlemen. That is, that's incredible. And it's not like we, you know, it's not like it jumped up 10, 20%, it jumped up 3%, okay? Let's look at new homes, mortgage applications, okay? New home purchase applications up nearly 40% in October. Let me, let me make this larger for you, okay? This is huge because a lot of people are talking trash about builders. You know, they're saying, oh, you know, new construction builders are, you know, getting correct. So mortgage applications for new home purchases during October were up by 6% from September and up 40% from one year earlier, 40% according to new data from the Mortgage Bankers Association. Mortgage Basics Association estimated new single family home sales were running at a seasonally adjusted rate of 715,000 units in October, up 12.8% from September, okay? From September on an adjusted basis. They estimated that there were 55,000 new home sales last month. An increase of 7.8% from 51,000 new home sales in September. All right. Now, obviously that is, you know, with the home sales that's closed deals, you have to think, okay, it takes about six months to build one of these. You're probably six to eight months back in terms of contracts going in place. However, this is mortgage data. People actually putting in mortgage applications to go buy new construction. So this is actually telling you like, okay, the sales, that's an indication of what the market was six to eight months ago, but the mortgage applications tells you what the demand is today. So I want you to understand the difference there. All right. Because some people are going to try to construe the data here and say, oh, well, 55,000, that's where the market was back then. But they don't want to share with you the fact that mortgage applications on new construction homes were up 40% year-over-year and 6% month-over-month. Okay. And this is when rates were still higher. Of course, new construction builders, they're offering way lower rates. We have here in Gulf Shores, DR Horton is offering 4.9% for a primary home. If you buy primary home at DR Horton here in Gulf Shores, you're going to get a 4.9% right now today. And that's probably a little lower because that was a week or two whenever they came up with that. So I'm sure it might be even around 4.6, 4.8, even 4.5 because we went from 8% on the national average to right now we're at 7.4%. The average loan size for a new home decreased from 397,000 in September to 390. So this is the loan size of new homes. This isn't the median sales price. The loan for new homes went from 397 to 390, okay? By product type, conventional loans composed of 63% of the loans. FHA composed of 26%, so 26% FHA. That's people moving into the homes, also VA loans accounted for around 10%. So these are primary home owners that are moving in, right? Purchase activity for newly constructed homes continued. Its upward climb in October with purchase applications of 40% compared to a year ago. The ninth consecutive monthly annual growth, okay? Ninth consecutive monthly annual growth for purchase applications, mortgage applications. Homebuilders have been able to temper this high rate environment by offering buyers rate buy downs and other incentives. We estimate the pace of home sales increase for the third straight month to a 715,000 unit annual pace. Strongest sales month since May 2023. So back in May, in the spring, right? Coming into the summer, that's normally the hottest time of year. We're actually back the strongest sales month since then in terms of new construction. The FHA share application increased to 26%. The highest since the survey began in 2013, okay? As for more first time home buyers turned to the new home market for more options as some builders start to build more starter homes. So you've got also first time home buyers. That percent has jumped from 26% last year to 32% of homes that are bought over the past 12 months have been first time home buyers compared to the 12 months prior. So it went from 26 to 32. Now the average since 1980 has been 36% of home sales are first time home buyers. So we're not back to normal, okay? We're not back to where we were, but it went from 26 to 32 and that's going to continue to climb because we've got such a demographic of first time home buyers. Now I want to get in again. I want to show you the the charts on Redfin with the increase of sales activity January 1st, because I think that's what's very exciting for us as real estate agents to get out there and really build our business. Now go all in, expand our footprint and really get ready because this is the calm before the storm. Ladies and gentlemen, 2024 is going to be your year. Also, I'm doing a 2024 goal setting session next Friday, okay? Friday, 3 p.m. central, 4 p.m. Eastern text to me 251-312-8844 to make sure you're getting my text messages so you can get the so you can get a link for that so you can be there for that. When will the crisis and the U.S. housing affordability in and how?