The National Association of Realtors (NAR) has reported a 2% decline in existing home sales for September, with a seasonally-adjusted annual rate of 3.96 million. This represents a 15.4% decrease compared to the previous year. Despite a 2.7% increase in total housing inventory from August, the inventory is still 8.1% lower than a year ago, with a 3.4-month supply of unsold homes at the current sales rate. The median existing-home price for all housing types in July was $394,300, which is a 2.8% increase from the previous year. The NAR attributes the decline in home sales to limited inventory and low affordability, urging the Federal Reserve to reconsider raising interest rates. For more details, you can read the full report on the NAR website.
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