Existing Home Sales Slide to 13-Year Low
Sales fell below the $4 million mark in September, marking the slowest month for existing home sales since October 2010. The National Association of Realtors® (NAR) said sales of preowned single-family houses, townhouses, condos, and cooperative apartments sold at a seasonally adjusted annual rate of 3.96 million units last month, a 2.0 percent decline from the rate of 4.04 million posted in August. Home sales in September 2022 were at an annual rate of 4.68 million units. While the results were dismal, they were still slightly better than expected. Analysts for Econoday had a consensus estimate of 3.90 million units. Single-family home sales slipped to a seasonally adjusted annual rate of 3.53 million in September, down 1.9 percent from 3.6 million in August and 15.8 percent lower year-over-year. Condominium and co-op sales were recorded at a seasonally adjusted annual rate of 430,000 units in September, down 2.3 percent and 12.2 percent from the two earlier periods. “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.” Sales may be falling, but home prices increased for the third consecutive month. September sales were at a median price of $394,300, an increase of 2.8 percent from the September 2022 median of $383,500. The median single-family home price was $399,200, an annual increase of 2.5 percent. Condo prices jumped 6.8 percent to a median of $353,800.