Existing home sales fell to a seasonally adjusted rate of 5.15 million in September, a 3.4 percent drop from August, according to the National Association of Home Realtors (NAR).
Sales are also 4.1 percent below September 2017 rates.
Sales declined 2.9 percent in the Northeast; 5.4 percent in the South; and 3.6 percent in the West. Sales of existing homes remained unchanged in the Midwest during September.
NAR Chief Economist Lawrence Yun cited rising interest rates as the cause of the lackluster sales.
“This is the lowest existing home sales level since 2015,” Yun stated. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming activity across the country.”
The median existing home price increased 4.2 percent year-over-year in September to $258,100, marking the 79th consecutive month of annual price growth.
