Existing Home Sales Drop for Ninth Consecutive Month

By Manuel Gutierrez, Consulting Economist to NKBA

At 4.71 million annualized units, September existing home sales are lowest in eight years other than a brief pandemic plunge in the Spring of 2020.

• September existing home sales are 23 percent lower year-over-year.
•  Four million homes have been sold year to date, nearly 600,000 fewer than the same period last year.
•  Inventory of homes available for sale fell to 1.25 million units, sufficient to maintain 3.2 months of sales at the September pace.
•  Existing home sales fell in three of the four regions, with the West essentially flat.
•  The median sales price for existing homes in September was $384,000, 8.4 percent ahead of last year.
•  The pace of YOY increases continues to slow, reflecting lower demand.
•  Regionally, YOY median home sales price increases  ranged from a high of 11.8 percent in the South to a low of 6.9 percent in both the Midwest and Northeast.