The US existing home sales for September comes in as expected
US existing home sales
- Existing home sales 4.71M vs 4.7M estimate. The number took the level below the June 2020 level of 4.72M.
- Prior month 4.8M revised to 4.78M
- inventory 1.25 million or 3.2 month supply (unchanged from prior month). A balance market between buyers and sellers is considered to be near 6 months.
- Median home sale price came in at $384,800. That's -8.4% from September 2021
Although inventories are lower, the high prices and high mortgage rates are creating a stagnant market. The 30 year mortgage rate 7.22% yesterday which is the highest level in this cycle and well above the sub 3% levels that existed last year.