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US existing home sales fall in September for 8th straight month

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Nov 19, 2022 - 02:37 AM

ANKARA (AA) – US existing home sales fell in September for the eighth consecutive month, while the median sales price continued to increase, according to National Association of Realtors (NAR) data released Friday.

Existing home sales, which measure the change in the number of existing residential buildings sold, fell 1.5% from August down to 4.71 million in September.

Annually, sales plummeted 23.8%, compared to September 2021 when they stood at 6.18 million.

“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” NAR Chief Economist Lawrence Yun said in a statement.

“Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales,” he added.

The median existing-home sales price rose to $384,800, up 8.4% from September last year when it was $355,100, according to NAR.

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