Existing home sales fell 1.5% in September to a seasonally adjusted annual rate of 4.71 million, the National Association of Realtors announced.
Existing home sales fell 1.5% in September to a seasonally adjusted annual rate of 4.71 million, the National Association of Realtors announced.
Compared with September 2021, existing home sales dropped 23.8%. The median sales price for an existing home jumped 8.4% year-over-year to $384,800.
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” NAR Chief Economist Lawrence Yun stated. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.”
Regionally, existing home sales fell 1.6% in the Northeast, 1.7% in the Midwest, 1.9% in the South and were unchanged in the West.
Total housing inventory was 1.25 million units at the end of September, down 2.3% from August and 0.8% year-over-year.
The full NAR report can be found here.