Existing home sales in the U.S. dropped by 1% in September 2024, reaching a seasonally adjusted annual rate of 3.84 million, the lowest level since October 2010.
US existing home sales fall again
This followed an upwardly revised figure of 3.88 million in August and came in below expectations of 3.9 million. Sales decreased in the Northeast (-4.2%), Midwest (-2.2%), and South (-1.7%), but rose in the West (4.1%). The median price for existing homes fell for the third consecutive month, declining to $404,500 from $414,200 in August. Meanwhile, 1.39 million homes were on the market in September, the highest number since October 2020.
NAR comment
"Home sales have remained stuck at around four million units annually for the past year, but conditions that typically drive higher sales are emerging," said NAR Chief Economist Lawrence Yun. "There are more inventory options for buyers, mortgage rates are lower than a year ago, and the economy continues to add jobs."
