US housing sales are continuing to drop for the eighth month in a row, which could be due in part to increasing mortgage rates, analysts say.
Sales of existing homes – which include single-family homes, townhomes, condominiums and co-ops – were down 23.8% in September from a year ago and down 1.5% from August, according to the National Association of Realtors. That continues a slowing trend that began in February and marks the longest housing sales slump since October 2007 during the subprime mortgage collapse.
“There are far fewer fresh listings because homeowners are loving their 3% interest rate they refinanced or purchased into over the past few years,” said Yun. “They don’t want to give that up.” But the current lack of supply underscores how different this slowdown is from the previous major market downturn that started in 2008, when inventory levels were four times higher than they are today, said Yun. The low inventory is keeping prices strong.
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