Existing home sales in the U.S. real estate market are on track for the worst annual performance since 1995.
According to the National Association of Realtors (NAR), existing home sales declined 1 percent in September, to a seasonally adjusted annualized rate of 3.84 million, the lowest since October 2010. They fell 3.5 percent from the previous year, and have slumped in six of the last nine months.
Inventory volumes of unsold existing homes rose by 1.5 percent, to 1.39 million, equaling 4.3 months of supply.
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR chief economist Lawrence Yun in a statement….