September home sales drop to the lowest level since the foreclosure crisis

There were 1.13 million homes for sale at the end of September, down more than 8% from a year ago.

Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year.

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. The average rate on the 30-year fixed today is

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