The drop comes as prospective buyers held out for lower mortgage rates, with house prices remaining elevated
U.S. existing home sales dropped to a 14-year low in September, likely as prospective buyers held out for lower mortgage rates, with house prices remaining elevated.
Mortgage rates initially dropped after the Federal Reserve began cutting interest rates last month, but they have risen over the past three weeks as solid economic data, including retail sales and annual revisions to national accounts, forced traders to abandon expectations for another 50-basis-point rate cut next month. Potential homebuyers are remaining on the sidelines anticipating even lower borrowing costs.
Housing inventory increased 1.5 per cent to 1.39 million units last month, the highest since October 2020. Supply surged 23.0 per cent from one year ago.
Rate Supply Election Home United States Sales Rates Lawrence Yun NAR National Association Of Realtors
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