Financial News: U.S. Existing Home Sales Unexpectedly Slump By 1.0%

U.S. Existing Home Sales Unexpectedly Slump By 1.0% In September

10/23/2024 - 10:21:00 (RTTNews)

(RTTNews) - A report released by the National Association of Realtors on Wednesday unexpectedly showed a continued decrease by existing home sales in the U.S. in the month of September.

NAR said existing home sales slid by 1.0 percent to an annual rate of 3.84 million in September after tumbling by 2.0 percent to a revised rate of 3.88 million in August.

Economists had expected existing home sales to increase by 1.0 percent to a rate of 3.90 million from the 3.86 million originally reported for the previous month.

"Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing," said NAR Chief Economist Lawrence Yun.

"There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy," he added. "Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election."

The report also said housing inventory at the end of September totaled 1.39 million units, up 1.5 percent from 1.37 million units in August and up 23.0 percent from 1.13 million units a year ago.

The unsold inventory represents 4.3 months of supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.

"More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision," Yun said. "However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low."

NAR also said the median existing home price was $404,500 in September, down 2.3 percent from $414,200 in August but up 3.0 percent from $392,700 a year ago.

On Thursday, the Commerce Department is scheduled to release its report on new home sales in the month of September.

Economists currently expect new home sales to rise to an annual rate of 720,000 in September after plunging to a rate of 716,000 in August.

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