Real estate broker Rebecca Van Camp places a “Sold” placard on her sign in front of a home in Meridian, Idaho, on Wednesday, Oct. 21, 2020.
Darin Oswald | Tribune News Service | Getty Images
Existing homes are selling at the slowest pace since September 2012, with the exception of a brief drop at the start of the Covid 19 pandemic.
Sales of previously owned homes fell 1.5% in September from August to a seasonally adjusted annual rate of 4.71 million units, according to a monthly survey from the National Association of Realtors.
That marked the eighth straight month of sales declines. Sales were lower by 23.8% year over year.
Sharply higher mortgage rates are causing an abrupt slowdown in the…