The pace of sales, however, continued to slow on a yearly as well as a monthly basis. 

Falling mortgage rates and more inventory could mean an improvement in housing affordability in the new year.

How will our homes evolve in the new year?

The pace of home sales, however, fell, Georgia MLS reported. 

At the same time, days on market remained flat, at 43.

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The only region of the U.S. that didn’t experience an annual decline in existing home sales was the Midwest, where sales were unchanged year over year.

Detached single-family homes remained the most popular type of housing, making up 79% of all home purchases during the past year.

Last month, homebuyer demand showed its resilience, despite mortgage rates being at a 23-year high and inventory continuing to be limited.

At the same time, the pace of sales continued to slow.

A record number of home sellers are dropping their prices as buyers continue to feel the impact high mortgage rates are having on their wallets.

Home sales, housing inventory and sales all fell, while days on market ticked higher.

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

At the same time, home sales dropped 20.3% to 4,371 transactions. 

The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.   

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures.