Existing home sales fall to lowest level since 2010

Published On Oct 23, 2024, 2:02 PM

Existing home sales in the U.S. have unexpectedly dropped to a level not seen since 2010, with September sales declining 1% from the previous month and down 3.5% from a year ago. The National Association of Realtors (NAR) reported a seasonally adjusted annual rate of 3.84 million home sales. This decline comes despite a 3% year-over-year rise in the median sales price, which reached $404,500, marking 15 consecutive months of price increases. Economists attribute the lower sales to rising mortgage rates and high home prices that have rendered home buying unaffordable for many.