US Home Sales Hit 14-Year Low Amid Buyer Hesitation for Rate Cuts 🏡

US sales of previously owned homes fell to their lowest level in nearly 14 years in September, as buyers await further declines in mortgage rates. Contract closings decreased 1% from August, slightly below expectations. The National Association of Realtors reported a 23% increase in homes for sale from a year ago but still below pre-pandemic levels. The median sales price rose 3%, exceeding $400,000. Sales declined in three of four regions, with the South experiencing its slowest pace since 2012.