Existing home sales down 1.9%, says National Association of Realtors; government shutdown, higher flood insurance rates could hurt October sales – Atlanta Business Chronicle

21
Oct

Existing home sales down 1.9%, says National Association of Realtors; government shutdown, higher flood insurance rates could hurt October sales – Atlanta Business Chronicle

Existing home sales fell nearly 2 percent in September to a seasonally adjusted rate of 5.3 million, according to the National Association of Realtors.

But that’s still nearly 11 percent above the pace for September 2012 — the 27th month in a row that existing home sales were higher than what they were a year earlier.

Home prices also remained higher than what were 12 months ago — the national median price for all types of existing homes was $199,200, up nearly 12 percent from September 2012.

“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Lawrence Yun, chief economist for the National Association of Realtors. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

via Existing home sales down 1.9%, says National Association of Realtors; government shutdown, higher flood insurance rates could hurt October sales – Atlanta Business Chronicle.

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