“Existing-home sales declined in September after a month of stagnation in August,” the National Association of Realtors reported on Friday.
Key takeaways from the press release
- Total existing-home sales fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September.
- Sales are now down 4.1 percent from a year ago (5.37 million in September 2017).
- This is the lowest existing home sales level since November 2015.
- A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases.
- All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.
- The median existing-home price2 for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600).
- September’s price increase marks the 79th straight month of year-over-year gains.
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