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.
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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.