Home Sales Sluggish in September

In September, existing-home sales dropped to the lowest seasonally-adjusted rate since November 2015, based on the most recent data from the National Association of Realtors.

There were 5.15 million such homes sold, a 4.1-percent annual drop, and a 3.4-percent monthly decline from August. Realtor.com senior economist Joseph Kirchner says that the decrease is "significant," and speaks to the growing supply of homes on the market, and slowing home price growth, both part of a trend in housing moving in buyers' favor. Though, home prices are still growing, up 4.2 percent annually in September.

Home sales should be surging. The economy is booming and more people are earning good-sized paychecks again. Millennials are starting to settle down and have children, so they need more space. And the crazy price gains of the last few years are beginning to slow down, with more homes making their way onto the market.

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