Real Estate

September home sales drop to lowest level since the foreclosure crisis


September home sales drop to the lowest level since the Great Recession

Sales of previously owned homes dropped 2% in September from August to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 15.4% compared with September 2022.

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. The average rate on the 30-year fixed today is right around 8%, according to Mortgage News Daily.

“As has been the case throughout this year, limited inventory and low housing affordability continue to…


0 0 votes
Article Rating

Procter & Gamble (PG) Q1 2024 earnings

Previous article

American Airlines (AAL) earnings Q3 2023

Next article

You may also like

Notify of
Inline Feedbacks
View all comments

More in Real Estate