(Worthy News) – U.S. existing home sales dropped for an eighth straight month in September as surging mortgage rates and still-elevated selling prices push affordability beyond the reach of many prospective buyers.
Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the National Association of Realtors said on Thursday. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012.
Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. On a regional basis, sales fell in the Northeast, Midwest, and South and were unchanged in the West. [ Source: Washington Free Beacon (Read More…) ]
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