US Existing Home Sales Hit a 14-Month Low

US existing-home sales slipped below 4M in Mid-Q3, reaching a 3.98M annual pace after a MoM ↓2%, showing softer buyer activity nationally.
A 30-yr fixed mortgage averaged near 7% in Mid-Q3, while supply reached 4.9 mo, giving buyers more options as listings built nationwide.
The median existing-home price reached $429.1K in Mid-Q3, setting a new Mid-Q3 record as higher-priced homes remained the strongest part of activity.
Rising wages and steady job gains supported demand, and an economist said the larger supply pool is giving homebuyers better opportunities to negotiate.
First-time buyers made up 30% of purchases in Mid-Q3, cash deals were 27%, and homes typically spent 31 days on the market.