Existing-home sales fell 2.0% in September to a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors (NAR). Sales dropped 15.4% year-over-year, down from 4.68 million in September 2022.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
Total housing inventory was up 2.7% in September to 1.13 million units but down 8.1% year-over-year (from 1.23 million). The median existing-home price for all housing types in September increased to $394,300, an increase of 2.8% from September 2022 ($383,500). Prices rose in all four U.S. regions.
Distressed sales – foreclosures and short sales – represented 1% of sales in September, unchanged from last month and the previous year.
Read the NAR release.