Existing home sales fell 18.5% in September from the prior month as higher mortgage rates and seasonal factors reduced demand.
The median price of a home sold in September dropped 1.7% from August, according to the Re/Max National Housing Report.
“It’s normal for the housing market to slow down a bit after the peak summer season, but it’s really encouraging to see that both sales and prices remain significantly higher than this time last year,” said Re/Max chief executive Margaret Kelly.
Home sales are up 10.2% from September 2012 and home prices are up 12.2%
The Denver-based realty company tracks sales in 52 metropolitan areas on a non-seasonally adjusted basis.
The National Association of Realtors releases its report on September existing home sales Oct. 21.