Home sales cooled in September because of higher interest rates, and the recent government shutdown may put a damper on activity for this month, too.
Existing home sales dropped 1.9% in September to a seasonally adjusted annual rate of 5.29 million from 5.39 million in August but were still up 10.7% from last year, the National Association of Realtors said Monday.
The decline was expected, given higher rates and rising home prices that pushed affordability to five-year lows, says Lawrence Yun, NAR chief economist.
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