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Existing Home Sales Drop

Mortgage News > Existing Home Sales Drop
Date: 10/23/2019    Existing Home Sales Drop

Sales of existing U.S. homes fell 2.2% in September, according to the National Association of Realtors, to a seasonally adjusted annual pace of 5.38 million homes. This was the first sales decline in three months and a larger drop than the 0.7% decrease predicted by economists in a Reuters poll. Declining inventory, especially in the lower price ranges has contributed to lower home sales. Total existing home inventory fell 2.7% to 1.83 million units. Meanwhile, the median existing home price jumped 5.9% to $272,100. 

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