Existing Home Sales Decline in September

Washington, DC, Oct. 21, 2013 -- Home resales fell a seasonally adjusted 1.9% in September due to higher prices and rising mortgage rates, the National Association of Realtors said.

Sales fell to an annual rate of 5.29 million in September from 5.39 million in August.

Economists had forecast sales to decline to a 5.30 million rate.

The median sales price of used homes was up 11.7% at $199,200 compared to a year ago.

NAR forecasts that sales have likely peaked this summer as affordability fell to a five-year low. 


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