According to the National Association of Realtors (NAR), existing-home sales declined 1.9 percent in September after hitting the highest level in nearly four years. At the same time, last month’s existing-home sales were 10.7 percent above the pace in September 2012, marking the 27th consecutive month that sales have remained above year-ago levels.
In addition, NAR reported that the national median existing-home price was up 11.7 percent from September 2012. This is the 10th consecutive month of double-digit year-over-year increases.
Looking ahead to the October report, NAR President Gary Thomas said there could be consequences from the recent government shutdown. Specifically, he said that “delays in tax transcripts needed for approval of mortgage loans put a monkey wrench in the transaction process and could negatively impact sales closings in next month’s report.”
