Existing Home Sales Down 2.2%

The National Association of Realtors is reporting that existing home sales were down in September following two consecutive months of increases.  Total existing-home sales fell 2.2% from August to a seasonally adjusted annual rate of 5.38 million in September.  The Realtors say that despite the decline, overall sales are up 3.9% from a year ago  However, once again, low inventory is the primary culprit:

“We must continue to beat the drum for more inventory…Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”  Said Lawrence Yun, the NAR’s chief economist.

Click here to read the full post at the National Association of Realtors.