Large decline in sales of second-hand homes in the US
The National Association of Realtors (NAR) announced existing home sales data for September.
Consequently, sales of existing homes in the country decreased by 2 percent month-on-month in September, seasonally adjusted, to 3.96 million.
IT HAS BEEN DECREASING FOR 4 MONTHS
Sales of second-hand homes, which have been declining for 4 consecutive months, have fallen to their lowest level since October 2010. Market expectations were that sales of second-hand homes would reach 3.89 million in this period .
Sales of existing homes were recorded at 4.04 million, down 0.7 percent in August.
Sales of second-hand homes in the country decreased 15.4 percent in September compared to the same month last year.
Average home prices in the US second-hand market increased by 2.8 percent annually in September, reaching $394,300.
LOW PURCHASING POWER AFFECTS
NAR Chief Economist Lawrence Yun, whose views were included in the statement, said limited housing stock and low purchasing power continue to hamper home sales, as has been the case throughout this year.
“The US Federal Reserve cannot continue to raise interest rates simply in light of softer inflation and weakening employment growth,” Yun said. he made the assessment of it.
Noting that housing prices increased annually for the third consecutive month, Yun noted that this shows the urgent need for greater housing supply. (AA)
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
