Steel Markets
October 22, 2019
Existing Home Sales Slide in September
Written by Sandy Williams
Existing home sales fell 2.2. percent from August to a seasonally adjusted annual rate of 5.38 million in September, says the National Association of Realtors. The decline followed two consecutive months of gain. Sales in the Midwest fell the hardest but all four regions saw declines. Higher home prices due to insufficient inventory was partially to blame, said NAR Chief Economist Lawrence Yun.
“We must continue to beat the drum for more inventory,” said Yun. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”
