United States Existing Home Sales

Existing home sales in the US fell 1% from the previous month to a seasonally adjusted annualized rate of 3.84 million in September 2024, the lowest level since October 2010, following an upwardly revised 3.88 million in August and below forecasts of 3.9 million. Sales declined in the Northeast (-4.2%), the Midwest (-2.2%) and the South (-1.7%) but rose in the West (4.1%). The median existing-home sales price declined for a third consecutive month to $404,500 from $414,200 in August. Meanwhile, 1.39 million homes were for sale in September, the most since October 2020. "Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing. There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy", according to NAR Chief Economist Lawrence Yun.