Sales of existing homes in the U.S. down for the 8th month

The National Association of Realtors (NAR) reported that existing home sales fell 1.5% month-over-month in September to 4.71 million units, the lowest level since September 2012 and the eighth consecutive month of decline.

Year-over-year, existing home sales fell 23.8% in September.

Sales of existing homes were adversely affected by the increase in real estate prices and mortgage interest rates.

The number of homes on the market in September was 1.25 million units, down 0.8% from a year earlier.

The median home price increased 8.4% to $384,800.

When looking at home sales and homes on the market, it was found that home sellers took 3.2 months to sell their homes.

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