Home Sales At Slowest Annual Pace Since 2010

Home sales, at the weakest pace in 14 years, are on track for the worst year since 1995.

The Details: Existing home sales fell 1% last month, the second straight month of decline. Compared to last September, they've fallen 3.5%. The seasonally adjusted rate of 3.84 million sales was short of the 3.9 million sales economists were expecting. 

For Context: The median existing home price in September was $404,500, up 3% from 2023. The market has been struggling since 2022, when mortgage rates began to climb again following pandemic-era lows. "The latest median sales price is 49% higher than it was five years ago, before the pandemic. By comparison, wages grew 25% in the same period," noted Lawrence Yun, the National Association of Realtors' chief economist.

The Election: Housing affordability has become an important campaign topic. Vice President Harris wants to offer down payment assistance and build more housing. Former President Trump wants to cut regulations to allow more building on federal land. 

How the Media Covered It: The Associated Press (Lean Left) painted a multifaceted problem: first-time home buyers are having trouble breaking into the market without home equity, wages aren't keeping up with home prices, and inventory is higher as homes take longer to sell. Breitbart (Right bias) said, "Many Americans have had to deplete their savings thanks to inflation fueled, at least in part, by the Biden-Harris deficit spending programs that have pushed national debt to record highs."