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Existing Home Sales Fall

By 17吃瓜在线 News Room


Sales of existing homes fell to their lowest level in 13 years in September, according to (subscription).

What鈥檚 going on: 鈥淓xisting home sales fell 2.0% last month to a seasonally adjusted annual rate of 3.96 million units, the lowest level since October 2010, the National Association of Realtors said on Thursday. They are counted at the closing of a contract, and last month鈥檚 sales likely reflected contracts signed in August, when the rate on the popular 30-year fixed mortgage vaulted above 7%.鈥

  • Sales fell 1.1% in the South, 4.1% in the Midwest and 5.3% in the West. They rose 4.2% in the Northeast.

Anemic inventory: There was 3.4 months鈥 worth of unsold existing home inventory for sale in September, a decline of more than 8% from a year ago.

  • 鈥淎 four-to-seven-month supply is viewed as a healthy balance between supply and demand.鈥

Why it鈥檚 happening: Mortgage rates have spiked recently, 鈥渕ostly because of expectations that the Federal Reserve will keep interest rates higher for longer in response to the economy鈥檚 resilience.鈥

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