Sales of existing homes in the United States fell in September
Sales of existing homes in the United States fell in September
WASHINGTON: US home sales UU Previously owned they declined in September, extending a weak stretch for the housing market in a period of otherwise strong economic growth.
Sales of existing homes fell by 3.4% in September from the previous month at a seasonally adjusted annual rate of 5.15 million, the National Association of Realtors said on Friday. Economists surveyed by The Wall Street Journal expected sales to reach a stronger annual rate of 5.29 million last month.
Compared to the previous year, sales in September decreased by 4.1%.
"Without a doubt, there is a clear change in the market, as evidenced by lower sales and more inventory," said Lawrence Yun, chief economist of the trade group. "We are also seeing soft data in pedestrian traffic. [It] has declined markedly in previously overheated markets. "
The slowdown in sales this year is due to the growing challenges for the housing market. The shortage of homes for sale at a time when continued employment and wage growth are supporting demand have contributed to a rapid increase in housing prices.
Meanwhile, mortgage rates have risen over the past year and appear to be close to 5%, according to threshold analysts, which could dissuade many from buying a home. The average interest rate on a 30-year fixed-rate mortgage in September was 4.63%, compared to 4.03% in January, according to Freddie Mac.
The average sale price for an existing house in September was $ 258,100, 4.2% more than the previous year. At the end of September, there was a 4.4 month supply of housing in the market, based on the current sales pace. This is higher than a 4.2 month supply of the previous year.
The Trump government's tax law also reduced some incentives for homeownership, especially in expensive coastal markets and high-tax areas, by lowering the limit for the deduction of mortgage interest and limiting the amount of state and local taxes. that can be deducted.
Purchases of previously owned homes account for most of the homebuying activity in the US. UU The Department of Commerce publishes data on new home sales in September next Wednesday.
In another area of the housing market, housing construction has failed. Analysts believe that builders may be taking a cautious stance due to the overall temperature of the housing market. Meanwhile, sentiment readings from home builders have been removed throughout this year.
Nationwide chief economist Ben Ayers said he expects "an upward path for both housing starts and new home sales, especially given the limited market for existing homes."
News Corp., owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Real Estate Agents.
Write to Sharon nunn in sharon.nunn@wsj.com and Sarah Chaney in sarah.chaney@wsj.com
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