US home sales fall in September as median sales price increases to $404,500

The US housing market has seen a decline, with homes reaching a 14-year low. The National Association of Realtors reported a 1% decrease in contract closings from August. Additionally, the number of homes on the market has increased by 23% compared to the previous year. Many prospective home buyers are holding off on purchases, anticipating a drop in mortgage rates.

What recent trend has been observed in the US housing market?

• A decline to nearly 14-year lows

• A rise in mortgage rates

• An increase in new home constructions

• An increase in home prices

What did the National Association of Realtors report about contract closings?

• They decreased by 1%

• They increased by 1%

• They remained stable

• They increased by 5%

By what percentage has the number of homes on the market increased compared to last year?

• 10%

• 30%

• 15%

• 23%

What are many prospective home buyers waiting for?

• A rise in home prices

• A drop in mortgage rates

• An increase in available homes

• A decrease in property taxes

What is the current trend in the number of homes available on the market?

• It has increased by 10%

• It has remained the same

• It has decreased by 23%

• It has increased by 23%