Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens

[Epoch-Times-Bot]

Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens

Existing home sales have fallen to their slowest pace in 10 years, as the U.S. housing recession worsens.
Home sales have not been this slow since September 2012, with the exception of the first few months of the pandemic, and are 23.8 percent lower from the same time last year.
Sales of previously owned homes in September dropped for the eighth consecutive month, by 1.5 percent from August, to a seasonally adjusted annual rate of 4.71 million units, according to a report by the National Association of Realtors (NAR).
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6 percent for 30-year fixed mortgages in September and are now approaching 7 percent,” said NAR Chief Economist Lawrence Yun....

Source: Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens

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