US existing home sales plunge to 14-year low

Lawrence
Yun,
the
NAR’s
chief
economist,
also
flagged
the
looming
presidential
election
as
a
potential
reason
for
prospective
homebuyers’
current
reluctance
to
enter
the
housing
market
despite
an
improved
housing
supply
outlook.

Existing-home
sales
slid
1.0%
in
September.
Three
out
of
four
major
U.S.
regions
registered
sales
declines
while
the
West
experienced
a
sales
bounce.

https://t.co/ST6IRAPItu

—
National
Association
of
REALTORS®
(@nardotrealtor)

October
23,
2024

“There
are
more
inventory
choices
for
consumers,
lower
mortgage
rates
than
a
year
ago
and
continued
job
additions
to
the
economy,”
Yun
said
in
remarks
accompanying
the
news
release.

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

Year
over
year,
housing
supply
has
spiked
by
23%
and
increased
1.5%
between
August
and
September,
with
1.39
million
available
units
representing
the
highest
level
of
inventory
since
October
2020.

Home
prices
are
also
up,
with
the
median
existing
home
price
coming
in
at
$404,500
last
month
–
a
3%
increase
compared
with
the
same
month
in
2023.