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The number of homes under construction rose during the month, as homebuilders continued to work through a large backlog of homes.
The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said.
Atlanta, Phoenix, Tampa and Miami saw double-digit consumer price index percentage growth year over year.
The number of homes sold in October fell 16.6% from September to 4,805 properties, which was 31.8% lower than the 7,041 homes sold a year earlier, Georgia MLS reported.
The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.
Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023.
September is the fourth month in a row to see declining sales activity.
A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.
Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.
In Atlanta, home prices posted a 20.1% year-over-year gain in August, compared to a 22.8% gain in July. Month over month, prices fell 0.4%.
Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before.
New home construction missed analyst estimates in September, falling 8.1% month over month to an annual rate 1,439,000 homes, according to government statistics.
Approximately 58% of homebuyers say they’d be willing to purchase a haunted house — and nearly 25% think they already have.
The number of homes sold in September fell 9.8% from August to 5,680 properties, which was 21.9% lower than the 7,274 homes sold a year earlier.
Looking ahead, CoreLogic expects the year-over-year pace of home-price appreciation to slow to 3.5% by August 2023.