Existing Home Sales Treading Same Old Water

Existing-home sales remain stuck in a slow lane, with September showing only a modest uptick. The National Association of REALTORS reported sales edged up 1.5% to a seasonally adjusted annual rate of 3.99 million. NAR said August and September are the slowest months this year as higher borrowing costs restrict the number of qualified buyers. Freddie Mac’s average 30-year fixed mortgage rate rose to 6.86% in September, from 6.67% in August and 6.35% a year earlier. Inventory increased to 1.60 million units, up 1.9% from August and 4.6% year over year, while the median time on market rose to 33 days. Prices continued climbing: the median existing-home price hit $417,500, up 1.3% year over year.