BY BRAD BECKETT ON OCTOBER 22, 2018
The National Association of Realtors is reporting that existing-home sales fell 3.4% in September and down 4.1% from one year ago. According to data, there were 5.15 million completed transactions in September with a median price (for all housing types) of $258,100. In addition there were 1.88 million existing homes for sale at the end of September with properties typically staying on the market for 32 days.
“There is a clear shift in the market with another month of rising inventory on a year over year basis, though seasonal factors are leading to a third straight month of declining inventory…Homes will take a bit longer to sell compared to the super-heated fast pace seen earlier this year.” Said Lawrence Yun, the NAR’s chief economist.