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Economics

U.S. Existing-Home Sales Fall to Lowest Since 2015

A prospective home buyer tours a house for sale in Dunlap, Illinois.
Photographer: Daniel Acker/Bloomberg
Corrected

Sales of previously owned U.S. homes eased in September to the weakest pace in almost three years, a sign rising prices and mortgage costs are keeping potential buyers on the sidelines, National Association of Realtors data showed Friday.

The sixth-straight monthly drop in sales, the longest streak since 2014, underscores what’s now a challenging time in the real estate market for buyers. The average mortgage rate for a 30-year fixed term has advanced nearly 1 percentage point this year, compared to a decline in 2017, according to Bankrate.com data.