October existing home sales fall to 3.75 million annual rate, lowest since 2010

Existing home sales dropped to a 3.75 million SAAR in October, down 5.5% month-over-month and below the 3.8 million consensus. It is the slowest pace since August 2010. Median price rose 0.4% YoY to $416,700. Mortgage rates above 7% in Sep/Oct caused the pullback. The 10-year Treasury yield is the key to watch for housing and related stocks.