U.S. Existing Home Sales Plummet to 14-Year Low

Higher mortgage rates and persistent home prices deter buyers, despite increased housing inventory.

Existing home sales in the U.S. fell 1% in September to an annual rate of 3.84 million, the lowest since October 2010.
Mortgage rates have climbed to 6.85%, despite the Federal Reserve's recent interest rate cuts, contributing to the sales decline.
Home prices increased by 3% year-over-year in September, reaching a median of $404,500, as inventory remains limited.
The housing inventory rose 1.5% from August and 23% from the previous year, yet remains below pre-pandemic levels.
First-time homebuyers account for only 26% of sales, highlighting affordability challenges in the current market.