The association says sales of re-sold homes fell 1.9 percent last month to a seasonally adjusted annual rate of 5.29 million. That's down from a pace of 5.39 million in August, which was revised lower. The sales pace in August equaled July's pace. Both were the highest in four years and consistent with a healthy market.
The report comes amid signs of slowing in the housing recovery.
Nationwide, home values were up 1.2% in the third quarter from the second, Zillow data show. That's down from a 2.5% jump in the second quarter from the first.
Top 5 Companies To Buy Right Now
Higher interest rates, fewer investor buyers and more homes for sale are all contributing to smaller price gains, economists say.
Last week, 30-year fixed rate loans averaged 4.28%, up from 3.37% a year ago, Freddie Mac said.
The government shutdown that ended last week and the related debate over raising the debt ceiling will also likely have an adverse effect on October home sales, says Leslie Appleton-Young, economist for the California Association of Realtors.
The association said last week that California home sales declined in September for the second straight month.
Contributing: The Associated Press
No comments:
Post a Comment