Home Sales Slow In September Hit 14-Year-Low
3 weeks ago
Existing home sales dropped to a 14-year low in September, weighed down by higher mortgage rates and house prices.
The housing market has struggled to rebound after being knocked down by unusually high mortgage rates.
Existing Home sales fell 1.0% last month to a seasonally adjusted annual rate of 3.84 million units, the lowest level since October 2010, according to the National Association of Realtors, and the slowest annual sales pace since October 2010 when the housing market was still in a deep slump following the late-2000s real estate crash.
Sales fell 3.5% compared with September last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet.
The housing market has struggled to rebound after being knocked down by unusually high mortgage rates.
Existing Home sales fell 1.0% last month to a seasonally adjusted annual rate of 3.84 million units, the lowest level since October 2010, according to the National Association of Realtors, and the slowest annual sales pace since October 2010 when the housing market was still in a deep slump following the late-2000s real estate crash.
Sales fell 3.5% compared with September last year. The latest home sales were short of the 3.9 million pace economists were expecting, according to FactSet.
