Sales of Existing U.S. Homes Decrease as Affordability Declines

From bloomberg.com

Purchases of previously owned homes fell in September for the first time in three months, retreating from an almost four-year high as rising prices and mortgage rates discouraged would-be buyers. Sales dropped 1.9 percent to a 5.29 million annual rate, the National Association of Realtors reported today in Washington. The median forecast of 67 economists in a Bloomberg survey called for the pace to slow to 5.3 million. Prices climbed 11.7 percent, pushing affordability down to a five-ear low, the group said. Higher borrowing costs will probably hold back demand, slowing the housing rebound that’s been a source of ... (full story)