US existing home sales sink to 14-year low

ISTANBUL

US existing home sales fell 1% in September, compared to the previous month, sinking to the lowest level since 2010, according to a report by the National Association of Realtors (NAR) on Wednesday.

Existing home sales, which measure the change in the number of existing residential buildings sold, fell to a seasonally adjusted annual rate of 3.84 million in September.

The figure came in lower than estimates of 3.88 million, while the August figure was revised up to 3.88 million from 3.86 for a monthly decline of 2%.

The median existing home sales price rose 3% annually to $404,500 in September - ending its four consecutive months of reaching fresh all-time highs, but marking the 15th consecutive month of year-on-year price gains, said the NAR.

"There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy," NAR Chief Economist Lawrence Yun said in a statement.

"Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election," he added.

On an annual basis, existing home sales were down 3.5% from 3.98 million in September 2023.