Existing home sales fall to lowest level since 2010

Sales of previously owned homes unexpectedly dropped 1% in September, reaching an annual rate of 3.84 million, the lowest pace since 2010.

This represents a 3.5% decline from last year, according to the National Association of Realtors (NAR).

Meanwhile, the median sales price rose 3% from September 2023 to $404,500, marking 15 consecutive months of price increases.

Inventory of unsold homes increased by 1.5% to 1.39 million.

NAR chief economist Lawrence Yun noted that, despite being stuck at around a four-million-unit pace for a year, factors like more inventory and lower mortgage rates could stimulate sales, Fox Business has reported.

read more: https://www.foxbusiness.com/economy/existing-home-sales-fall-lowest-level-since-2010

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