Sales of previously owned houses fell in September for the eighth consecutive month as rising interest rates pushed potential homebuyers out of the market.
Wharton School professor Jeremy Siegel warns surging interest rates could cause housing prices to fall up to 15% on 'Cavuto: Coast to Coast.', surging inflation and steep home prices continued to push prospective buyers out of the market.
Sales of previously owned homes tumbled 1.5% in September from the previous month to an annual rate of 4.71 million units, according to new data released Thursday by the National Association of Realtors . That is slightly better than what economists were expecting, according to Refinitiv.
There were about 1.28 million homes for sale at the end of August, according to the latest report, an increase of about 2% from July and unchanged from last year. There were about 1.25 million homes for sale at the end of September, according to the report, a decline of 2.3% from August and down 0.8% from last year. Despite more homes sitting on the market, homes still sold on average in just 19 days. Before the pandemic, homes typically sat on the market for about a month before being sold.
At the current pace of sales, it would take roughly 3.2 months to exhaust the inventory of existing homes. Experts view a pace of six to seven months as a healthy level.
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