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The Wall Street Journal
Home sales fell in September to the lowest rate in 13 years, showing the corner of the economy most weakened by high interest rates remains in decline. For all of 2023, sales of previously owned homes are on track to be the lowest since at least 2011, because increased rates are weighing on demand. But high rates are also limiting the inventory of homes on the market, because homeowners with low rates are unwilling to sell and move. The small supply is pushing home prices higher in much of the U.S. Existing home sales, which make up most of the housing market, decreased 2% in September from the prior month to a seasonally adjusted annual rate of 3.96 million, the lowest rate since October 2010, the National Association of Realtors® said Thursday. September sales fell 15.4% from a year earlier. The national median existing-home price rose 2.8% in September from a year earlier to $394,300, NAR said. That was the highest price for any September in data going back to 1999, said Lawrence Yun, NAR’s chief economist. Prices aren’t adjusted for inflation. "People are priced out," Yun said. "The story of limited inventory and rising, and rising, [and] rising mortgage rates continue to hinder the home sales market."