The sale of previously owned homes fell again in September as high mortgage rates and a worsening supply shortage left would-be buyers with few options.
U.S. existing home sales continued to slide in September as a combination of steep mortgage rates and a worsening supply shortage squeezed would-be homebuyers. Sales of previously owned homes fell 2% in September from the previous month to an annual rate of 3.96 million units, according to new data released Thursday by the National Association of Realtors . On an annual basis, existing home sales are down 15.4% when compared with September 2022.
"As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales," said Lawrence Yun, chief economist at NAR. "The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains." COMMERCIAL REAL ESTATE CRASH STILL LOOMING OVER US ECONOMY There were about 1.13 million homes for sale at the end of September, according to the report, up 2.
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Existing home sales fall in September as high mortgage rates freeze marketZachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.
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