Existing-Home Sales as of September 2023

 The table shows the percentage change from the previous year for the following metrics:

Metric	Percentage change from previous year
Existing Home Sales: Months Supply	-2.5%
Existing Single-Family Home Sales: Months Supply	-2.5%
Median Sales Price of Existing Homes	2.82%
Median Sales Price of Existing Single-Family Homes	2.82%
Existing Home Sales: Housing Inventory	-9.09%
Existing Single-Family Home Sales: Housing Inventory	-9.09%
Existing Home Sales	-15.38%
Existing Single-Family Home Sales	-15.75%

Overall, the table shows that the existing home sales market is slowing down. The largest percentage decline is for Existing Home Sales, which is down 15.38% from the previous year. This is followed by Existing Single-Family Home Sales, which is down 15.75% from the previous year. The Existing Home Sales: Housing Inventory is also down significantly, by 9.09% from the previous year.

The only metric that shows a positive percentage change is the Median Sales Price of Existing Homes, which is up 2.82% from the previous year. This suggests that demand for existing homes remains strong, even though the market is slowing down.

The slowdown in the existing home sales market is likely due to a number of factors, including the rising interest rates, the high inflation rate, and the low housing inventory. Higher interest rates make it more expensive to borrow money to buy a home, and high inflation can erode the purchasing power of consumers. The low housing inventory means that there are fewer homes available for sale, which can drive up prices and make it more difficult for buyers to find a home.

Source:https://www.nar.realtor/research-and-statistics/housing-statistics/existing-home-sales