Existing Home Sales Treading Same Old Water

If you're busy, we can make this quick. Existing home sales dropped sharply from over 6m units per year starting in 2022 and had bottomed out around 4m units per year by the end of 2023. They've done essentially nothing exciting since then and the latest update is no exception. The end.  If you prefer to read an article-sized article, here you go: Existing-home sales edged higher in September with The National Association of REALTORS® reporting a 1.5% increase to a seasonally adjusted annual rate of 3.99 million . August and September mark the two slowest months for home sales this year, as higher borrowing costs continued to limit the pool of qualified buyers. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home,” Yun said. Freddie Mac's average 30-year fixed rate climbed to 6.86% in September , up from 6.67% in August and 6.35% a year earlier. Inventory continued to offer buyers more options than they had a year ago, although the latest increase was relatively modest. Total housing inventory reached 1.60 million units , up 1.9% from August and 4.6% year over year . Buyers may also have more room to negotiate as homes take longer to sell. The median time on market increased to 33 days , up from 31 days in August. Yun said the combination of higher inventory and longer selling times could require sellers to offer price reductions or other incentives to attract buyers.