Key Takeaways:
– Existing home sales fell 2.0% in September from August
– Compared to September 2022, existing home sales slumped 15.4%
– Sales only picked up in the Northeast region on a monthly basis
– All four regions posted sales declines on a year-over-year basis
– Limited inventory and low housing affordability continue to hamper home sales
– The Federal Reserve should not keep raising interest rates due to softening inflation and weakening job gains
– Housing inventory increased by 2.7% since August, but was 8.1% lower than the previous year
– The median existing-home price fell under $400,000 for the first time in four months
– Home prices were still 2.8% higher than in September 2022
– All four U.S. regions posted price increases
– There is a pressing need for more housing supply.
HousingWire:
Existing home sales fell 2.0% in September from August, reaching a seasonally adjusted annual rate of 3.96 million, according to the National Association of Realtors.
Compared to September 2022, existing home sales slumped 15.4%, down from 4.68 million in September 2022. Looking at the four major U.S. regions on a monthly basis, sales only picked up in the Northeast. Meanwhile, on a year-over-year basis, all four regions posted sales declines.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR Chief Economist Lawrence Yun said in a statement. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
On the bright side, home buyers had more homes to choose from in September as housing inventory posted a 2.7% increase since August, with 1.13 million units available. However, that figure was 8.1% lower than a year prior.
For the first time in four months, the median existing-home price fell under the threshold of $400,000, to $394,300. It was still 2.8% higher than in September 2022. All four U.S. regions posted price increases, the report showed.
“For the third straight month, home prices are up from a year ago, confirming the pressing need for more housing supply,” Yun said.
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Property Chomp’s Take:
In the context of the article, the
The article also mentions the factors that have been affecting home sales, such as limited inventory and low housing affordability. NAR Chief Economist Lawrence Yun is quoted, stating the challenges posed by these factors and the potential impact of the Federal Reserve’s interest rate policy.
On a positive note, the article mentions that housing inventory increased in September, providing more options for homebuyers. However, it also notes that the inventory is still lower compared to the previous year. The article further discusses the median existing-home price, which fell below $400,000 for the first time in four months but remained higher than the previous year.
Overall, the article presents the information about existing home sales and related factors in a conversational tone. It provides a summary of the data and insights from experts, without delving into technical details.
