Sales of previously owned homes dropped to a 14-year low in September, as rising mortgage rates and high home prices continue to fuel an affordability crisis.
Sales of previously owned homes unexpectedly fell last month, slowing to a pace not seen since 2010 when the U.S. was still recovering from a housing market crash. The National Association of Realtors reported Wednesday that existing home sales declined 1% in September from the prior month to a seasonally adjusted annual rate of 3.84 million, which is a 3.5% drop from one year ago.
"Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing," said NAR chief economist Lawrence Yun. "There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy.
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