That's partly due to higher inventory levels, which rose 19% in October compared to last year.
Existing home sales rose 3.4% in October, the group said.
Sales rose 2.9% year-over-year for the first annual rise since July 2021 when Americans were still in the midst of a pandemic homebuying boom.
Despite higher inventory levels, existing home prices have continued to rise, with the median existing home price climbing 4% in October to $407,200.
Last week, the 30-year fixed mortgage rate ticked lower but remained elevated at 6.78%, three basis-points higher higher than the 52-week average, according to Freddie Mac.
Persons:
Lawrence Yun, Freddie Mac, Yun, Zillow
Organizations:
National Association of Realtors, NAR, Bank of America
Locations:
Real