10/19/2018, 4:00 PM (Source: TeleTrader)
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US existing home sales dip to lowest in 3 years

Existing home sales in the United States stood at a seasonally adjusted annual rate of 5.15 million in September, 3.4% lower compared to the previous month following four straight months of declines, the National Association of Realtors (NAR) said in a release published on Friday. On an annual level, sales are down 4.1%.

The median existing-home price for all housing types last month was $258,100, which marks a 4.2% year over year increase. Total housing inventory reached 1.88 million existing homes available for sale, a decrease from the 1.91 million recorded in August.

"This is the lowest existing home sales level since November 2015. A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country," chief economist at NAR, Lawrence Yun, commented on the data.

Breaking the News / JC