US existing home sales dip in September

Existing home sales in the U.S. exceeded expectations slightly in September.

According to the National Association of Realtors, in seasonally adjusted terms sales fell by 2.0% month-on-month to reach an annual rate of 3.96m (consensus: 3.9m).

Versus a year ago sales were down by 15.4%.

The median price for an existing home was 2.8% higher in comparison to a year before at $394,300.

The inventory of unsold homes increased by 2.7% from the month before to reach 1.13m, the equivalent of 3.4 months' worth of supplies.

"As has been the case throughout this year, limited inventory and low housing affordability continue to hamper home sales," said NAR Chief Economist Lawrence Yun.

"The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains."