Existing-home sales in September were at a seasonally adjusted annual rate of 5.39 million, an increase of 0.7 percent from August, the first increase in three months, according to the National Association of Realtors.
The rate is 1.5 percent below where it was in September 2016 and is the second slowest rate of 2017.
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” said NAR Chief Economist Lawrence Yun in a statement. “Realtors this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings—especially at the lower end of the market—and fast-rising prices that are straining the budgets of prospective buyers.”
The median existing-home price in September was $245,100, a 4.2 percent year-over-year increase and the 67th straight months of annual gains.
