Existing Home Sales Drop in September as Prices and Inventory Rise Slightly

Existing home sales fell 2% in September from the previous month to an annual rate of 3.96 million units.

On an annual basis, existing home sales are down 15.4% compared to September 2022.

There were about 1.13 million homes for sale at the end of September, up 2.7% from the previous month but down 8.1% from last year.

The median price of an existing home sold in September was $394,300, down 3% from August but up 2.8% from last year.

Homes sold on average in just 21 days last month, down from 14 days in July 2022 but up significantly from pre-pandemic levels.