U.S. Existing Home Sales Hit 14-Year Low as Buyers Await Lower Mortgage Rates
September saw a significant drop in the sales of existing homes in the United States, reaching their lowest point in 14 years. This decline is likely due to potential buyers holding out for reduced mortgage rates while home prices remain high.
The National Association of Realtors reported on Wednesday that home sales fell by 1.0% last month, resulting in a seasonally adjusted annual rate of 3.84 million units.
This marks the lowest level since October 2010. Economists surveyed by Reuters had anticipated that sales would remain steady at a rate of 3.86 million units.
Existing home sales, which account for a substantial portion of U.S. housing transactions, decreased by 3.5% on an annual basis in September. The market has struggled to rebound amid rising mortgage rates.
Initially, mortgage rates declined after the Federal Reserve began reducing interest rates last month. However, they have risen over the past three weeks due to strong economic data, including robust retail sales and revised national accounts.
This has prompted investors to abandon hopes for another 50 basis point rate cut next month. Potential homebuyers remain on the sidelines, expecting even lower borrowing costs in the future.
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