Existing Home Sales Slip

US existing-home sales slipped 1.7% in Early-Q3 to a 4.06M annual pace, slightly above economists' expectations and still ↑0.7% on a yearly basis.
Median existing-home prices reached a record for Early-Q3 at $434.1K, while the benchmark 30-yr fixed mortgage rate climbed near 7%, highest in >1 yr.
Inventory stayed tight at 1.54M unsold homes in Early-Q3, ↓1.9% MoM and ↓0.6% yearly, leaving a 4.6-mo supply at current sales pace.
An economist said owners with ultra-low pandemic-era mortgages had little incentive to sell, helping keep listings scarce and limiting how many buyers completed purchases.
First-time buyers made up 29% of purchases in Early-Q3, down from Late-Q2 and still below the historical norm of ~40% of sales.