Sales of previously-owned homes retreated in September from an almost four-year high as rising prices and mortgage interest rates discouraged Americans from making purchases.
Existing home sales dropped 1.9 per cent to a 5.29m annual rate, the National Association of Realtors said on Monday, falling short of the 5.3m that was expected. Sales fell from a pace of 5.39m in August, which was revised lower.
“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Lawrence Yun, NAR chief economist. The median price for an existing home was $199,200 in September, up 11.7 per cent from the same period a year ago.
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