ARLINGTON, Va.—Existing home sales declined by 1.5% in September to a seasonally-adjusted annualized rate of 4.7 million units, marking the eighth straight month of declining sales and representing a 23.8% decrease in sales compared to last year.
The median existing home price declined by 1.8% in September to $384,800.
“The median home price declined for a third straight month, following typical seasonal patterns,” said NAFCU Chief Economist and Vice President of Research Curt Long. “Year-over-year growth in the median price held at 8.4%, which is the slowest pace of price appreciation since June 2020.”
Long noted that mortgage rate increases have “dampened demand, but supply remained tight in September and the inventory-to-sales ratio held at about half its usual level in a balanced market.
“According to the National Association of Realtors (NAR), more than a quarter of homes are selling above list price,” added Long. “Fast-rising rents are also preventing demand for homeownership from falling further.”
Sales fell in the South, Midwest, and Northeast by a rate of 1.9, 1.7, and 1.6%, respectively. Sales in the West were unchanged.
“NAFCU expects home sales to settle near the current, lower level over the near term as high rates limit growth but a strong labor market and low supply prevents further decline,” concluded Long.
The Very Best in CU Reporting. Every Morning. To Your Inbox. At a Total Cost of ‘Free!’
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com