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After rising for two consecutive months, the nation’s existing home sales declined 2.2% in September, according to the National Association of Realtors. Sales fell more than expected in September as the market continues to struggle with a lack affordable of properties for sale.

The National Association of Realtors said on Tuesday:

…that existing home sales fell 2.2% to a seasonally adjusted annual rate of 5.38 million units last month, reversing two straight months of gains. August’s sales pace was upwardly revised to 5.50 million units.

But home sales have seesawed for much of this year as a chronic lack of properties on the market has inflated prices, keeping them unaffordable for many would-be homeowners. Land and labor shortages have also crimped supply.

There were 1.83 million homes in the market last month, a decline of 2.7% compared to a year ago. It was the fourth consecutive month of year-on-year inventory declines.

At September’s sales pace, it would take 4.1 months to clear the current inventory, down from 4.4 months a year ago. A supply of six to seven months is seen as a healthy balance between supply and demand.

Souce: National Association of Realtors

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