US Home Sales Drop to 14-Year Low As Buyers Hold Out For Further Rate Cuts

Benzinga

US sales of previously owned homes fell to their lowest level in nearly 14 years in September, as buyers await further declines in mortgage rates. Contract closings decreased 1% from August, slightly below expectations. The National Association of Realtors reported a 23% increase in homes for sale from a year ago but still below pre-pandemic levels. The median sales price rose 3%, exceeding $400,000. Sales declined in three of four regions, with the South experiencing its slowest pace since 2012.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02U.S. sales of previously owned homes fell to their lowest level in nearly 14 years in September,

00:07as buyers await further declines in mortgage rates.

00:10Contract closings decreased 1% from August, slightly below expectations.

00:15The National Association of Realtors reported a 23% increase in homes for sale from a year ago,

00:21but still below pre-pandemic levels. The median sales price rose 3%, exceeding $400,000.

00:28Sales declined in three out of four regions,

00:30with the South experiencing its slowest pace since 2012.

00:34For all things money, visit Benzinga.com slash GSTV.

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