Existing Home Sales Fall for Sixth Straight Month, See Biggest Decline in over Two Years
October 19, 2018
The National Association of Realtors announced today that sales of existing homes fell 3.4 percent in September, to a seasonally adjusted annual rate of 5.15 million for the month. Economists had forecast a decline to 5.30 million units.
This marks the sixth consecutive month that existing home sales have declined. It also marks the largest single-month decline since 2016.
The NRA attributed the drop primarily to increased interest rates. The Federal Reserve increased rates for the third time this year in September, and are generally expected to do so again in December.
The median home price increased 4.2 percent year-over-year in September, coming in at $258,100.