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Even as mortgage rates have eased, sales of previously owned homes in the United States fell last month to a near 14-year low as home prices went up.According to the National Association of Realtors, contract closings on existing homes — which includes single-family homes, townhomes, condos and co-ops — decreased on a monthly basis by 1% in September to a seasonally adjusted annual rate of 3.84 million, marking the second consecutive monthly decline and slowest yearly sales pace since 2010.
“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,” NAR Chief Economist Lawrence Yun said in a statement. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.
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