During the summer selling season, sales of previously owned homes reached the highest level in nearly four years. But, according to estimates from the National Association of Realtors, sales of existing homes fell 1.9 percent in September. Lawrence Yun, NAR’s chief economist, said the decline was expected. Affordability levels have fallen as home price increases have easily outpaced income growth, Yun said. Still, sales are 10.7 percent above year-ago levels and have been better than the year before for the past 27 consecutive months. Also in the report, the median time on market for all homes was 50 days, up from 43 days in August but far better than last year’s 70 day median. Total housing inventory was virtually unchanged, with a 5-month supply of homes available at the current sales pace. More here and here.