Despite lower mortgage rates during the month of September, home sales fell flat.
According to the National Association of Realtors, home sales increased by a measly .3 percent from August.
“Housing supply for existing homes was up in September 6 percent from a year ago, which is preventing prices from rising at the accelerated clip seen earlier this year,” Lawrence Yun, chief economist for the NAR, explained to CNBC. “Additionally, the current spectacularly low mortgage rates should help more buyers reach the market.”
Image via flickr/Mark Moz
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