US: Existing home sales fell 3.4% in September to miss market estimate of -0.7%

"Existing-home sales declined in September after a month of stagnation in August," the National Association of Realtors reported on Friday.

Key takeaways from the press release

• Total existing-home sales fell 3.4 percent from August to a seasonally adjusted rate of 5.15 million in September.
• Sales are now down 4.1 percent from a year ago (5.37 million in September 2017).
• This is the lowest existing home sales level since November 2015.
• A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases.
• All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.
• The median existing-home price2 for all housing types in September was $258,100, up 4.2 percent from September 2017 ($247,600).
  • September’s price increase marks the 79th straight month of year-over-year gains.