Market Updates
Existing Home Sales Fell 1.5% In September
Brian Turner
20 Oct, 2022
New York City
Existing home sales in September fell 1.5% to 4.71 million annual rate, the lowest rate in 2022 and dropped to the level not seen since September 2012, excluding the onset of coronavirus in 2020.
Home sales declined for the eighth month in a row as mortgage rates continue to escalate and home prices remain elevated across the nation.
Home sales fell 23.8% from a year ago.
The median existing home sale price in the month was $384,800, an increase of 8.4% from a year ago and the inventory of unsold homes declined for the second month in a row to 1.25 million, according to the report released by the National Association of Realtors.
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