Existing-home sales dropped 2.2 percent from August to September, according to the latest data released Tuesday by the National Association of Realtors (NAR). The decline followed on the heels of two straight months of month-over-month gains.
Despite the monthly decline, home sales are up 3.9 percent over September of 2018. The median existing-home price in September was $272,100, a 5.9 percent increase over September 2018 and the 91st month of annual gains.
“We must continue to beat the drum for more inventory,” NAR Chief Economist Lawrence Yun said in a statement. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”
Housing inventory stayed static month-over-month but fell 2.7 percent from September 2018. At the end of the month, there was a 4.1-months supply at the current sales pace.