In September, existing home sales fell just below 4 million units for the first time since October 2010, dropping 2% to 3.96 million. On an annual basis, home sales were down 15.4%, according to the National Association of Realtors.

Sales Stalled by Low Inventory, 🐬Poor Affordability

Throughout the summer, mortgage rates rose relentlessly, reaching the 7% mar𝕴k in August, when many September sales would have beജen under contract.

Despite the affordability barrier, the renewed upward momentum in mortgage rates that followed the Federal Reserve's September rate hike might have led some shoppers to rush to close. Some 69% of properties sold in September had been on the market for less than a month, with homebuyers fearing higher borrowing costs and even worse affordability may be on the horizon.

"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."

Fewer First-Time Homebuyers Close

In September, only 27% of consumers bought a home for the first time, down from 29% in August 2023. This drop may indicate t🌞hat households are opting to rent instead of purchase, a strong factor in the steady rental prices that have barely moved since their peak in 2022 despite the high number of multi-family units being constructed.

In addition, 29% of prospective buyers have moved in with parents to save money, according to a recent Realtor.com survey.

Sales in Northeast US Rise

Among the four major U.S. regions, sales rose in the Northeast but receded in the Midwest, South, and West, with all four regions registered year-over-🐻year sales declines. 

澳洲幸运5官方开奖结果体彩网:Existing home sales in the Northeast fell 16.7% from September 2022 to 500,000 in September, a 4.2% decꦦline from August. Compared to last year, the median price in the Northeast increased𝔍 5.2% to $439,900.

In September, existing home sales in the Midwest fell 18.4% from one year ago to 930,000, down 4.1% from the previous month. Compared to September 2022, the Midwest's median price increased by 4.7% to $293,300.

🌟Compared to August, existing home sales in the South dropped 1.1% to an annual rate of 1.82 million in September, down 11.7% from a year earlier. Compared to September 2022, the median price in the South increased 3.1% to $360,🍎500.

West existing-home sales dropped 5.3% from the previous month to 710,000 in September, down 19.3% from one year ago. Compared to September 2022, the average price in the West rose 1.8% to $606,100.