Existing home sales declined in September after hitting a four-year high in August, according to the National Association of Realtors. The number of completed transactions declined 1.9 percent in September to a rate of 5.29 million. This is still 10.7 percent above the sales pace in September 2012, and sales have remained above year-ago levels for the past 27 months.
Existing home sales declined in September after hitting a four-year high in August, according to the National Association of Realtors. The number of completed transactions declined 1.9 percent in September to a rate of 5.29 million. This is still 10.7 percent above the sales pace in September 2012, and sales have remained above year-ago levels for the past 27 months.
The median existing-home price was $199,200 in September, up 11.7 percent from September 2012, marking the 10th consecutive month of double-digit year-over-year price increases.
"Affordability has fallen to a five-year low as home price increases easily outpaced income growth," NAR Chief Economist Lawrence Yun said in a statement. "Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown."
Total housing inventory at the end of September was unchanged at 2.21 million existing homes available for sale, which represents a 5.0-month supply at the current sales pace, compared with a 4.9-month supply in August. Unsold inventory is 1.8 percent above a year ago, when there was a 5.4-month supply.
