US home sales slowed again in September, falling to weakest annual pace in nearly 14 years
Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb.
Existing home sales fell 1% last month, from August, to a seasonally adjusted annual rate of 3.84 million, the National Association of Realtors said Wednesday. That's 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.
Despite the slower sales pace, home prices increased on an annual basis for the 15th consecutive month. The national median sales price rose 3% from a year earlier, to $404,500.
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said Lawrence Yun, the NAR’s chief economist.