A post by @KobeissiLetter on X.

US existing home sales fell 5.5% month-over-month in October to a seasonally adjusted annualized rate of 3.75 million, the weakest pace since August 2010 and, excluding that 2010 slump, the lowest since 1995. Sales were down 8.8% year-over-year, the sharpest annual decline since November of the prior cycle referenced by the source. The drop underscores how elevated mortgage rates and tight inventory continue to freeze the housing market, weighing on transaction-linked activity across the economy. The print lands as a key input for Federal Reserve watchers assessing whether housing weakness spills into broader consumer spending. Next up, markets will watch whether the pace stabilizes as rates ease and whether inventory builds enough to revive buyer traffic.