Existing-home sales fell to their lowest level since October 2010 in September, as high interest rates and limited supply throttled the pace of transactions. 

Specifically, existing-home sales slid 2% from August to a seasonally adjusted annual rate of 3.96 million. Year-over-year, sales were down 15.4% from 4.68 million in September 2022. The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.     

“As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,” NAR Chief Economist Lawrence Yun said in a press release. “The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains.” 

The 30-year fixed-rate mortgage averaged 7.58% as of Oct. 12, up from 7.49% a week before and 6.92% a year earlier, according to Freddie Mac.      

The existing-home inventory rose 2.7% from August to 1.13 million, or the equivalent of 3.4 months’ supply, which was up from 3.3 months in August and 3.2 months a year earlier. 

Properties typically remained on the market for 21 days in September, up from 20 days in August and 19 in September 2022. Sixty-nine percent of homes sold in September were on the market for less than a month.       

By property type, single-family home sales in September slid 1.9% month over month to an annual rate of 3.53 million. The median existing single-family home price was $399,200, up 2.5% on a year-over-year basis.                     

Existing condominium and co-op sales slid 2.3% from August to an annual rate of 430,000 in September. The median existing condo price was $353,800, up 6.8% from September 2022.