National Association of Realtors Reports Decrease in Existing Home Sales
The National Association of Realtors latest report reveals a 1% decrease in existing home sales in September, with a seasonally-adjusted annual rate of 3.84 million – marking a 3.5% decline year over year. Total housing inventory at the end of September was 1.39 million units, showing a 1.5% increase from August and a significant 23% increase from the previous year. Unsold inventory represents a 4.3-month supply at the current sales rate, with properties typically staying on the market for about 28 days. The median existing-home price for all housing types in September was $404,500.
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing…There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy…” said NAR Chief Economist Lawrence Yun.
Click here to read the full report at the National Association of Realtors.