MNI BRIEF: US Sept Existing Home Sales Slide 2% To 3.96M SAAR

U.S. sales of existing homes fell 2.0% to a seasonally adjusted annual rate of 3.96 million in September, the slowest since October 2010, the National Association of Realtors said Thursday. Sales have slumped 15.4% over the year and are down 21% since January.

"Certainly it's going to be a downgrade in the forecast compared to what I had assumed would play out at this time. Higher mortgage rates are really dampening sales activity," NAR chief economist Lawrence Yun told reporters on a call. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”

The median existing-home sales price grew 2.8% from one year ago to USD394,300, marking the third consecutive month of year-over-year price increases. The inventory of unsold existing homes climbed 2.7% from the previous month to 1.13 million at the end of September, or the equivalent of 3.4 months supply at the current sales pace. Total housing inventory is down 8.1% from one year ago.