Existing home sales fall hit 14-year low [Video]

Sales of previously owned homes unexpectedly fell last month, slowing to a pace not seen since 2010, when the U.S. was still recovering from a housing market crash.

The National Association of Realtors (NAR) on Wednesday reported that existing home sales declined 1% in September from the prior month to a seasonally adjusted annual rate of 3.84 million, which is a 3.5% drop from one year ago. 

At the same time, the median sales price of existing homes jumped 3% from last September to $404,500, marking the 15th consecutive month of year-over-year price increases, the NAR said.

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The inventory of unsold existing homes, which includes single-family homes, townhouses and condominiums, rose by 1.5% in September from the prior month to 1.39 million.

“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with …