The housing market stayed stuck in neutral in September, as sales of existing homes edged down to their slowest pace since 2010.

Inventory was 23% higher from September 2023 last month, good news for home buyers as it gives consumers more properties to view before making a decision.

Sales of previously owned homes fell 1% in September compared with August, to a seasonally adjusted, annualized rate of 3.84 million units, the slowest pace since October 2010, according to the National Association of Realtors.

A near 7% drop in mortgage application volume pushed loan demand to its lowest level since July. Mortgage rates remained unchanged this week but are still higher than the lows seen in September.

Sales of previously owned US homes slowed to their lowest rate in nearly 14 years last month, according to industry data released Wednesday, despite cooler mortgage rates. Part of the reason home sales have been stalling is that existing homeowners are reluctant to enter the market after having locked in lower mortgage rates previously.

Sales of previously owned US homes slowed to their lowest rate in nearly 14 years last month, according to industry data released Wednesday, despite cooler mortgage rates. Part of the reason home sales have been stalling is that existing homeowners are reluctant to enter the market after having locked in lower mortgage rates previously.

Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb.

Total mortgage application volume dropped 6.7% from the previous week, hitting its lowest level since July

LOS ANGELES (AP) — Sales of previously occupied U.S. homes slowed in September to the weakest annual pace in nearly 14 years even as mortgage rates eased and the supply of properties on the market continued to climb.