Lawrence Yun, NAR chief economist, says rising interest rates have led to a decline in sales across all regions of the country. “This is the lowest existing home sales level since November 2015,” he said. “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 underperforming sales activity across the country.”
CNBC’s Diana Olick reports the latest read on existing home sales from the National Association of Realtors.
The median existing-home price for all housing types in September was $258,100, an increase of 4.2 percent from the median of $247,600 in September 2017. September’s price increase marks the 79th straight month of year-over-year gains. The median existing single-family home price saw 4.6 percent annual growth to $260,500 and the median existing condo price was $239,200 in September, representing relatively modest 1.5 percent year-over-year appreciation.
The number of homes available for sale slipped from 1.91 million in August, an estimated 4.3 month supply, to 1.88 million existing homes at the end of September, a 4.4 month supply at the current sales pace. This is at least a slight improvement over September 2017 when there were 1.86 million available homes. Until recently the inventory had declined year-over-year each month for several years.