US Existing Home Sales Drop 1% to 3.84 Million, Poised for Worst Year Since 1995

Oct 23, 2024, 02:05 PM

Existing home sales in the United States declined by 1% in September compared to the previous month, reaching an annualized rate of 3.84 million units, according to data released by the National Association of Realtors (NAR). This represents the slowest pace of sales since October 2010. On a year-over-year basis, sales fell by 3.5%. Existing home sales are on track for their worst year since 1995, marking the second consecutive year of historic lows. The median sales price for existing homes rose by 3% from a year ago to $404,500. The number of available homes increased by 23% compared to last year, reaching a supply of 4.3 months, the longest in over four years. First-time buyers accounted for 26% of purchases, matching an all-time low.