中国新闻网3 hours agoReal_estate2 min readChina

U.S. existing home sales fell 2.2% year-on-year in September and home prices have risen for 39 consecutive months

Quick Look

Data from the National Association of Realtors shows that existing home sales in September were 3.99 million units at an annual rate, a month-on-month increase of 1.5%, and a year-on-year decrease of 2.2%; the median existing home price was US$417,500, a year-on-year increase of 1.
3%, house prices have risen for 39 consecutive months; inventory has increased to 1.6 million units, which take 4.8 months to sell out; affected by rising mortgage interest rates, the market situation is severe, and potential home buyers should regard the 30-year mortgage interest rate of around 7% as the norm.

AI-generated summary

Why It Matters

After the U.S. real estate market experienced rapid growth during the epidemic, affected by rising mortgage interest rates, market demand slowed down and inventory began to accumulate.

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China News Service, Washington, October 13 (Reporter Sha Hanting) Data released by the National Association of Realtors on the 13th local time showed that the sales volume of existing homes in the United States in September this year was 3.99 million units at an annual rate, an increase of 1.5% month-on-month and a year-on-year decrease of 2.2%, which was slightly better than market expectations.

Data show that the median price of an existing home in September was $417,500, a year-on-year increase of 1.3%. House prices have risen for 39 consecutive months. In terms of inventory, there were 1.6 million houses for sale at the end of September, a month-on-month increase of 1.9% and a year-on-year increase of 4.6%. The inventory amount was the highest since November 2019. At the current sales pace, it would take 4.8 months to sell all the homes on the market. In a market where supply and demand are balanced, it typically takes 4 to 6 months to sell all the homes on the market.

Lawrence Yun, chief economist of the National Association of Realtors, believes that the current real estate market situation is grim due to the continuous rise in mortgage interest rates. Given the ongoing uncertainty about oil prices, geopolitical tensions, and U.S. government debt issues, mortgage rates are unlikely to fall significantly in the short term, and potential home buyers should consider 30-year mortgage rates of around 7% as the norm.

US media believe that the rise in mortgage interest rates has weakened the purchasing power of potential home buyers, causing more potential home buyers to choose to continue to wait and see, which is not conducive to the recovery of the real estate market.

Data released by the U.S. housing finance institution Freddie Mac on the 8th of this month showed that the average interest rate on 30-year fixed mortgage loans in the United States rose to 7.4%, the highest value since November 16, 2023. (over)

What to Watch

AI outlook — possibilities, not facts

Mortgage interest rates are unlikely to fall significantly in the short term, and 30-year mortgage interest rates of around 7% will become the norm.
Likely · Within months

Open Questions

When are mortgage rates likely to drop significantly?
Will the continued increase in inventory lead to a correction in housing prices?
When might the wait-and-see mood of potential homebuyers change?

Quick Look

Data from the National Association of Realtors shows that existing home sales in September were 3.99 million units at an annual rate, a month-on-month increase of 1.5%, and a year-on-year decrease of 2.2%; the median existing home price was US$417,500, a year-on-year increase of 1.
3%, house prices have risen for 39 consecutive months; inventory has increased to 1.6 million units, which take 4.8 months to sell out; affected by rising mortgage interest rates, the market situation is severe, and potential home buyers should regard the 30-year mortgage interest rate of around 7% as the norm.

AI-generated summary

Story signals

News tone: Negative
Emotional intensity: High
News value: Moderate
Global impact: National
Follow-up likelihood: Likely
Relevance window: Weeks

Source & Reliability

Source: 中国新闻网
Source quality: Full
Published: 3 hours ago

中国新闻网3 hours agoReal_estate2 min readChina

U.S. existing home sales fell 2.2% year-on-year in September and home prices have risen for 39 consecutive months

Quick Look

Data from the National Association of Realtors shows that existing home sales in September were 3.99 million units at an annual rate, a month-on-month increase of 1.5%, and a year-on-year decrease of 2.2%; the median existing home price was US$417,500, a year-on-year increase of 1.
3%, house prices have risen for 39 consecutive months; inventory has increased to 1.6 million units, which take 4.8 months to sell out; affected by rising mortgage interest rates, the market situation is severe, and potential home buyers should regard the 30-year mortgage interest rate of around 7% as the norm.

AI-generated summary

Why It Matters

After the U.S. real estate market experienced rapid growth during the epidemic, affected by rising mortgage interest rates, market demand slowed down and inventory began to accumulate.

Font size

What to Watch

AI outlook — possibilities, not facts

Mortgage interest rates are unlikely to fall significantly in the short term, and 30-year mortgage interest rates of around 7% will become the norm.
Likely · Within months

Open Questions

When are mortgage rates likely to drop significantly?
Will the continued increase in inventory lead to a correction in housing prices?
When might the wait-and-see mood of potential homebuyers change?

Quick Look

Data from the National Association of Realtors shows that existing home sales in September were 3.99 million units at an annual rate, a month-on-month increase of 1.5%, and a year-on-year decrease of 2.2%; the median existing home price was US$417,500, a year-on-year increase of 1.
3%, house prices have risen for 39 consecutive months; inventory has increased to 1.6 million units, which take 4.8 months to sell out; affected by rising mortgage interest rates, the market situation is severe, and potential home buyers should regard the 30-year mortgage interest rate of around 7% as the norm.

AI-generated summary

Story signals

News tone: Negative
Emotional intensity: High
News value: Moderate
Global impact: National
Follow-up likelihood: Likely
Relevance window: Weeks

Source & Reliability

Source: 中国新闻网
Source quality: Full
Published: 3 hours ago

U.S. existing home sales fell 2.2% year-on-year in September and home prices have risen for 39 consecutive months

Quick Look

Why It Matters

What to Watch

Open Questions

Related Topics

U.S. existing home sales fell 2.2% year-on-year in September and home prices have risen for 39 consecutive months

Quick Look

Why It Matters

What to Watch

Open Questions

Related Topics

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