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Existing home sales fall in September as high mortgage rates freeze market

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Zachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder.

Home sales in September slowed 2% to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors reported Thursday, as higher mortgage rates priced out many would-be buyers and led many homeowners to avoid selling and having to reenter the home loan market.HEALTH INSURANCE PREMIUMS SOAR IN 2023 TO AVERAGE OF $24,000 FOR FAMILY PLAN

The median price of an existing home in September was $394,300, an increase of 2.8% from the year before. Additionally, homes typically remained on the market for 21 days in September, up from 20 days in August and 19 days in September 2022.The average rate on a 30-year fixed-rate mortgage has now hit 8%, according to Mortgage News Daily. That number marks the highest level of rates in 23 years.

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