Existing-home sales declined for the second month in a row in September, the National Association of REALTORS® (NAR) said.        

Specifically, sales slid 1% from August to a seasonally adjusted annual rate of 3.84 million. Year over year, sales were down 3.5% from 3.98 million in September 2023.  

The median existing-home price for all housing types in September was $404,500, up 3% from $392,700 a year before.            

“Home sales have been essentially stuck at around a 4 million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.” 

The 30-year, fixed-rate mortgage averaged 6.44% as of Oct. 17, according to Freddie Mac. That’s up from 6.32% a week before but down from 7.63% a year earlier.    

“Volatility has once again reared its ugly head with a more recent jump in rates,” CoreLogic Chief Economist Selma Hepp said. “Nevertheless, while that means slower home sales activity once again, buyers continue to show interest and readiness to step off the sidelines once mortgage rates ease up.” 

By property type, single-family home sales declined 0.6% month over month to a seasonally adjusted annual rate of 3.47 million. The median existing single-family home price was $409,000, up 2.9% on a year-over-year basis. 

Existing condominium and co-op sales fell 5.1% from August to an annual rate of 370,000. The median existing condo price was $361,600, up 2.2% from September 2023. 

Homes typically remained on the market for 28 days in September, up from 26 days in August and down from 29 days in September 2023.