Climbing mortgage rates continue to slow the housing market, with both home sales and listings falling rapidly.
Existing-home sales declined for the eighth consecutive month in September, falling 1.5% month-over-month to an adjusted annual rate of 4.71 million, according to newly released data by the National Association of Realtors. Sales are down almost 24% compared to one year ago.
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which are approaching 7%,” said NAR Chief Economist Lawrence Yun. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.”
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