The National Association of Realtors is reporting that existing home sales were down 2% in September to a seasonally-adjusted annual rate of 3.96 million (down 15.4% year over year). Total housing inventory at the end of September was 1.13 million units, up 2.7% from August but down 8.1% from one year ago. Unsold inventory sits at a 3.4-month supply at the current sales rate with properties remaining on the market for around 21 days. The median existing-home price for all housing types in July was $394,300, up 2.8% from one year ago. The NAR says high interest rates and limited inventory continue to be the culprits:
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales…The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains” Said the NAR’s Chief Economist Lawrence Yun.