U.S. September Existing Home Sales - Correction higher but trend weakening
September existing home sales rose by 1.5% after a 3.2% decline in August, with August’s decline revised from -2.0%. This leaves the data slightly stronger than expected though still on a weakening trend, which is likely to continue given rising mortgage rates.
The increase follows three straight declines and the revision to August now places it below the June 2025 level and at the lowest since September 2024.
The Median price fell by 2.4% on the month, a third straight decline though part of this slippage is seasonal with the price data not seasonally adjusted. Yr/yr growth was unchanged from a downwardly revised August pace of 1.3%, maintaining a subdued picture. Sales are down 2.2% yr/yr.
Weak housing data is probably not going to trouble the Fed much, given that they have acknowledged that housing is a relatively weak spot in a generally healthy economy.
