MNI BRIEF: US Existing Home Sales Fall To 10-Year Low in Sept

U.S. existing home sales fell for an eighth straight month in September to a seasonally adjusted annual rate of 4.71 million, 1.5% lower than the previous month and down 24% compared to 2021 and a ten-year low as mortgage rates climbed, the National Association of Realtors said Thursday.

Sales in September reflected mortgage rates of 5% to 6% from the summer months, NAR chief economist Lawrence Yun said on a call with reporters. With rates now near 7%, the monthly pace of sales could fall to 4.5 million soon, Yun said.

Low inventory should continue to support sales, Yun said. The median sales price fell for a third straight month to USD384,800 in September from a record high of USD413,800 in June, following usual seasonal trends. Properties remained on the market for 19 days, up from 16 days in August and 17 days a year ago.