From CNBC: 2024-10-23 10:15:32

Sales of previously owned homes fell 1% in September to 3.84 million units, the slowest pace since October 2010. Sales were 3.5% lower than in September 2023, with only the West region seeing a gain. Inventory rose 1.5% to 1.39 million homes, a 4.3-month supply, with prices up 3% to $404,500.

Mortgage rates fell from near 7% in July to just below 6.5% in August. Sales have been stuck around four million units for 12 months, but factors for higher sales are developing. Inventory is higher at 1.39 million homes, with distressed property sales accounting for only 2% of transactions in September.

Cash made up 30% of September sales, higher than pre-Covid levels. Investors pulled back slightly, making up just 16% of sales in September. Homes are sitting longer, with the median price of an existing home sold in September at $404,500. First-time buyers made up only 26% of sales, matching an all-time low from August.



Read more at CNBC: September home sales drop to lowest level since 2010