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NAR: Existing home sales fall to 3-year low

NAR Chief Economist Lawrence Yun said that the decline in regional sales can be attributed to rising interest rates and the continuing climb of home prices. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.” The median existing home price for all housing types increased to $264,800, surpassing last August’s $258,100. Total housing available for sale fell backwards from August, decreasing from 1.91 million existing homes on the market to 1.88 million in September. The total was 4.2 months a year ago at this time. “There is a clear shift in the market with another month of rising inventory on a year over year basis, though seasonal factors are leading to a third straight month of declining inventory,” Yun continued. The report states that 47% of homes stayed on the market for less than a month. First-time buyers were 32% of sales in September, which is an increase from 31% in August and 29% in September of last year. The median existing single-family home price was $260,500 in September, increasing 4.6% from September 2017. Existing home sales in the Northeast fell 2.9% to an annual rate of 680,000 in September, which is a 5.6% drop from a year ago. Southern existing-home sales declined 5.4% to an annual rate of 2.11 million in September, decreasing from 2.1 million a year ago.