The National Association of Realtors is reporting that existing home sales were down 1.5% in September to a seasonally-adjusted annual rate of 4.71 million (down 23.8% year over year). Total housing inventory at the end of September was 1,250,000 units, down 2.3% from August and down 0.8% from one year ago. Unsold inventory sits at a 3.2-month supply at the current sales rate with properties remaining on the market for around 19 days. The median existing-home price for all housing types in July was $384,800, up 8.4% from one year ago.
“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%…Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.” Said the NAR’s Chief Economist, Lawrence Yun.