Existing home sales drop to 13-year low in September

In September, the housing market experienced a significant decline in the sales of existing homes, reaching its lowest point since 2010. This decline was primarily attributed to the worsening affordability of homes.

Data from the National Association of Realtors reveals that contract closings dropped by 2% compared to the previous month, with sales hitting an annualized pace of 3.96 million.

When compared to the previous year, sales were down by nearly 19% on an unadjusted basis. Additionally, the median selling price saw a 2.8% increase from the previous year, reaching a record-high of $394,300 for the month of September. This data indicates that the housing market faced challenges in September,

characterized by reduced sales and escalating home prices, which adversely impacted housing affordability.