Existing home sales increased by 1.5% month-over-month and decreased by 2.2% year-over-year, according to the latest National Association of REALTORS Existing Home Sales report.

Month-over-month sales increased in the South and West, held steady in the Midwest and declined in the Northeast. Year-over-year sales declined in all four regions.

“Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” said NAR Chief Economist Lawrence Yun. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.”

“Higher inventory and lengthening days on market give buyers improved negotiating power. Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers,” Yun said.
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Source: hbsdealer.com