Existing home sales slipped in September, following a month in which sales were almost totally flat. The National Association of Realtors® (NAR) said that closed transactions for existing single-family homes, townhouses, condos, and cooperative apartments was at a seasonally adjusted rate of 5.15 million in September. This was a 3.4 percent decline from both the July and August rate, both of which came in at 5.34 million units.
The last month in which existing home sales posted a month-over-month gain was in March. Sales are now down 4.1 percent year-over-year from the September 2017 rate of 5.37 million.
CNBC’s Diana Olick reports that interest rates hit a near seven-year high, hitting homebuilding stocks and home buyers.