Existing home sales in September fall to lowest level since 2010

Published On Oct 23, 2024, 11:19 AM

In September, existing home sales fell 1% from August, reaching a seasonally adjusted annual rate of 3.84 million, the lowest since October 2010. Despite a slight decrease in mortgage rates, potential buyers are hesitant, leading to a 3.5% year-over-year decline in sales. The median home price increased to $404,500, continuing a trend of rising prices. Economists suggest that uncertainty about the upcoming election and elevated home prices may be deterring buyers, with first-time buyers at an all-time low participation rate of 26%.

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Stock Forecasts

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Negative

With existing home sales hitting the lowest mark in over a decade, and potential buyers remaining sidelined due to high prices and uncertainty, it could negatively affect companies in the real estate sector. This trend may lead to lower revenues for home builders and related stocks as consumer confidence declines.

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