Home Sales Plummet in Ominous Sign for Economy

Sales of existing homes fell in September for the eighth month in a row, as historically high mortgage rates pummel demand for homes, the National Association of Realtors (NAR) announced Thursday.

The 1.5% decline from August contributed to a 23.8% slide compared to September 2021, as the median existing-home sales price rose 8.4% from last September, from $355,100 to $384,800, the NAR reported. NAR Chief Economist Lawrence Yun said that high mortgage rates were contributing to reduced demand, particularly in “expensive regions of the country.”

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