The drop in existing home sales is the slowest annual sales pace since October 2010.
Sales of existing homes in the United States fell to a 14-year low last month, America’s leading real estate trade association said Wednesday.
Sales of previously occupied homes decreased 1 percent in September from August to a seasonally adjusted annual rate of 3.84 million, according to the National Association of Realtors (NAR). The sales were short of the 3.9 million pace economists expected, according to FactSet.
Sales fell 3.5 percent in September compared to the same time last year.
Last month’s drop in existing home sales is the slowest annual sales pace since October 2010 when the housing market was still reeling from the 2008 housing crash.
Meanwhile, last year, existing home sales dipped to a nearly 30-year low as the average rate on a 30-year mortgage surged to a 23-year high of almost 8 percent, mortgage buyer Freddie Mac said.Home Prices Increase
Home prices climbed on an annual basis for the 15th consecutive month in September, even with the slower sales pace.
