The decline in existing-home sales comes as rising mortgage rates blunt buyer demand and homeowners' willingness to sell.
Home sales in September fell to their lowest level in nearly 13 years, and further declines are likely in store.
The decline in sales wasn’t as steep as economists had expected, according to FactSet consensus estimates that called for 3.9 million. Sales were 15.4% lower than one year prior. “As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” Lawrence Yun, the National Association of Realtors’ chief economist, said in a statement. The economist previously told Barron’s that mortgage rates could hit 8% in the near-term, where they could remain for the rest of the year.
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