According to NAR, existing homes sales were down by 2% after two months of consecutive increases although the Median Sales Price and Price Per Square Foot continued to rise.

 

Mortgage rates also crept up in September resulting in declining affordability as some homebuyers are choosing to wait for sales prices to ease before resuming their home search. These signs indicate that the market may be shifting even as inventory increases. Competition for homes may soften, which could even bring a moderation in sales prices.

 

For more market statistics – check out our archived monthly Market Stats along with our InfoSparks Charts and our Market Indicators Reports. Keeping you In The Know.™