Sales of existing homes fell for the fourth straight month in September to lows not seen since the Great Recession. September sales fell 2% from August to an annual rate of 396 million units. The median price rose to $394,300, the highest ever for any September.
Unsold inventory sits at a 3.4-month supply at the current sales pace, up from 3.3 months in August and 3.2 months in September 2022.
The takeaway... higher rates and low inventories continue to hamper sales. NAR Chief Economist Lawrence Yun said, "The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains."