Economic Buzz: US Existing Home Sales Declines 1.5% In September

21 Oct 2022 , 09:13 AM

A report released by the National Association of Realtors on Thursday showed a continued decrease in U.S. existing home sales in the month of September. NAR said existing home sales slid 1.5 percent to an annual rate of 4.71 million in September after falling by 0.8 percent to a revised rate of 4.78 million in August. Existing home sales declined for the eighth consecutive month, falling to their lowest level since spring of 2020. NAR also said housing inventory at the end of September totaled 1.25 million units, down 2.3 percent from 1.28 million units at the end of August and down 0.8 percent from 1.26 million units a year ago. The unsold inventory represents 3.2 months of supply at the current sales rate, unchanged from August but up from 2.4 months in September 2021. Meanwhile, the report said the median existing home price in September was $384,800, down 1.8 percent from August but up 8.4 percent year-over-year. Powered by Commodity Insights