Existing Home Sales Down as Interest Rates Rise
Existing home sales fell 3.4% in September causing home sales to tumble more than 4% from a year ago this time, according to the National Association of Realtors.
Sales are now clocking in at a seasonally adjusted rate of 5.1 million, down from 5.37 million in September of 2017.
“This is the lowest existing home sales level since November 2015,” said Lawrence Yun, chief economist at NAR. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur under-performing sales activity across the country.”