{"id":164181,"date":"2023-10-24T08:30:05","date_gmt":"2023-10-24T05:30:05","guid":{"rendered":"http:\/\/kupitiblog.store\/576r\/us-existing-home-sales-drop-to-13-year-low-in-september\/"},"modified":"2023-10-24T08:30:05","modified_gmt":"2023-10-24T05:30:05","slug":"us-existing-home-sales-drop-to-13-year-low-in-september","status":"publish","type":"post","link":"https:\/\/kupitiblog.store\/576r\/us-existing-home-sales-drop-to-13-year-low-in-september\/","title":{"rendered":"US existing home sales drop to 13-year low in September"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/kupitiblog.store\/576r\/wp-content\/uploads\/2023\/10\/aaf4fa8ea3e11e29b1b595675cd700f9.jpg\"  \/><br \/>\n<span class=\"text\"> FILE PHOTO: A &#171;For Rent, For Sale&#187; sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS\/Sarah Silbiger\/File Photo<\/span><br \/>\n<i class=\"imgGrad\"><\/i><\/p>\n<p>WASHINGTON (Reuters) &#8212; U.S. existing home sales dropped to a 13-year low in September as surging mortgage rates and tight supply combined to reduce affordability for many first-time buyers. <\/p>\n<p>Existing home sales fell 2.0% last month to a seasonally adjusted annual rate of 3.96 million units, the lowest level since October 2010, the National Association of Realtors said on Thursday. They are counted at the closing of a contract and last month&#8217;s sales likely reflected contracts signed in August, when the rate on the popular 30-year fixed mortgage vaulted above 7%.<\/p>\n<p>Economists polled by Reuters had forecast home sales slipping to a rate of 3.89 million units. Sales dropped 1.1% in the South and decreased 4.1% in the Midwest. They rose 4.2% in the Northeast and slumped 5.3% in the West. <\/p>\n<p>Home resales, which account for a big chunk of U.S. housing sales, declined 15.4% on a year-on-year basis in September.<\/p>\n<p>&#171;As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales,&#187; said NAR Chief Economist Lawrence Yun. &#171;Higher mortgage rates are really hampering activity.&#187;<\/p>\n<p>The market for previously owned homes had shown signs of stabilizing at lower levels. <\/p>\n<p>Sales are likely to slump further, with a report from the Mortgage Bankers Association on Wednesday showing applications for loans to purchase a home plunged last week to levels last seen in 1995 as the average contract interest rate on a 30-year fixed-rate mortgage rose 3 basis points to 7.70%, the highest since November 2000.<\/p>\n<p>Mortgage rates have risen in tandem with the yield on the benchmark 10-year Treasury note, which has spiked to more than a 16-year high, mostly because of expectations that the Federal Reserve will keep interest rates higher for longer in response to the economy&#8217;s resilience. Since March 2022, the U.S. central bank has raised its benchmark overnight interest rate by 525 basis points to the current 5.25%-5.50% range.<\/p>\n<p>There were 1.13 million previously owned homes on the market last month, down 8.1% from a year ago. At September&#8217;s sales pace, it would take 3.4 months to exhaust the current inventory of existing homes, up from 3.2 months a year ago.<\/p>\n<p>A four-to-seven-month supply is viewed as a healthy balance between supply and demand. The median existing house price increased 2.8% from a year earlier to $394,300, the highest ever for any September.<\/p>\n<\/p>\n<p>Properties typically remained on the market for 21 days in September, up from 19 days a year ago. Sixty-nine percent of homes sold in September were on the market for less than a month. First-time buyers accounted for 27% of sales, down from 29% a year ago. All-cash sales accounted for 29% of transactions compared to 22% a year ago. <\/p>\n<p>Distressed sales, including foreclosures, represented only 1% of transactions, unchanged from the prior year. <\/p>\n<p\/>\n<p><p><a target=\"_blank\" rel=\"nofollow noopener\" href=\"http:\/\/www.investing.com\/news\/economic-indicators\/us-existing-home-sales-drop-to-13year-low-in-september-3203203\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: A &#171;For Rent, For Sale&#187; sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS\/Sarah Silbiger\/File Photo WASHINGTON (Reuters) &#8212; U.S. existing home sales dropped to a 13-year low in September as surging mortgage rates and tight supply combined to reduce affordability for many first-time buyers. Existing home sales &hellip;<\/p>\n","protected":false},"author":1,"featured_media":164183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3348],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US existing home sales drop to 13-year low in September - BiznesSMI - \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0432\u0430\u043b\u044e\u0442, \u0430\u043a\u0446\u0438\u0438, \u0444\u043e\u0440\u0435\u043a\u0441, \u0438\u043d\u0434\u0435\u043a\u0441\u044b, \u0430 \u0442\u0430\u043a\u0436\u0435 \u0442\u0435\u0445\u043d\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0430\u043d\u0430\u043b\u0438\u0437, \u0433\u0440\u0430\u0444\u0438\u043a\u0438, \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0438 \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430.<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US existing home sales drop to 13-year low in September - BiznesSMI - \u043a\u043e\u0442\u0438\u0440\u043e\u0432\u043a\u0438 \u0432\u0430\u043b\u044e\u0442, \u0430\u043a\u0446\u0438\u0438, \u0444\u043e\u0440\u0435\u043a\u0441, \u0438\u043d\u0434\u0435\u043a\u0441\u044b, \u0430 \u0442\u0430\u043a\u0436\u0435 \u0442\u0435\u0445\u043d\u0438\u0447\u0435\u0441\u043a\u0438\u0439 \u0430\u043d\u0430\u043b\u0438\u0437, \u0433\u0440\u0430\u0444\u0438\u043a\u0438, \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0435 \u043d\u043e\u0432\u043e\u0441\u0442\u0438 \u0438 \u0430\u043d\u0430\u043b\u0438\u0442\u0438\u043a\u0430.\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: A &#171;For Rent, For Sale&#187; sign is seen outside of a home in Washington, U.S., July 7, 2022. REUTERS\/Sarah Silbiger\/File Photo WASHINGTON (Reuters) &#8212; U.S. existing home sales dropped to a 13-year low in September as surging mortgage rates and tight supply combined to reduce affordability for many first-time buyers. 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