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 was reported regarding homes in the US?

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

By what percentage did closings decrease?

How has the number of homes on the market changed compared to a year ago?

What are many prospective home buyers waiting for?