Existing home sales decreased 2.0% in September to a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors. Compared with September 2022, existing home sales were down 15.4%.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR Chief Economist Lawrence Yun stated. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
The median sales price for existing homes jumped 2.8% year-over-year to $394,300.
Regionally, existing home sales increased 4.2% in the Northeast while falling 4.1% in the Midwest, 1.1% in the South and 5.3% in the West.
Existing home inventory stood at 1.13 million at the end of September, equal to 3.4 months’ supply at the current monthly sales pace.
The full NAR report can be found here.
