Sales of second homes in the United States in September 2024 fell by 1.0% year-on-year, seasonally adjusted, to 3.84 million units, which is the lowest since October 2010, the National Association of Realtors reported.
The decline in sales increased in the 3rd quarter.The housing market is struggling to recover from the spring spike in mortgage rates.
Despite the fact that the supply has increased, there is still a shortage of economy class housing in most regions of the country, which keeps prices at a high level.
"It will take even more rate cuts and more opportunities to win back buyers," said Jennifer Lee, senior economist at BMO Capital Markets.
Source: Reuters
