Total existing-home sales slid 2 percent from August to a seasonally adjusted annual rate of 3.96 million in September, according to new numbers out from the National Association of Realtors. Year-over-year, sales dropped 15.4 percent.
Total housing inventory at the end of September was 1.13 million units, up 2.7 percent from August but down 8.1 percent from one year ago. Unsold inventory sits at a 3.4-month supply at the current sales pace, up from 3.3 months in August and 3.2 months in September 2022.
“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” said NAR Chief Economist Lawrence Yun. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.”
The median existing-home sales price grew 2.8 percent from one year ago to $394,300, marking the third consecutive month of year-over-year price increases.
Existing-home sales in the West fell 5.3 percent from the previous month, and were down 19.3 percent from one year ago. The median price in the West was $606,100, up 1.8 percent from September 2022.
In the Northeast, sales actually rose 4.2 percent from August, while still down 16.7 percent from September 2022. The median price in the Northeast was $439,900, up 5.2 percent from the prior year. Existing-home sales in the South dipped 1.1 percent from August and 11.7 percent annually. The median price in the South was $360,500, up 3.1% from September 2022.
In the Midwest, existing-home sales declined by 4.1 percent from the previous month and were down 18.4 percent from one year ago. The median price in the Midwest was $293,300, up 4.7 percent from September 2022.