Rising mortgage rates slowed September sales of existing homes Americans bought fewer existing homes in September, a sign that some prospective homebuyers have finally started to feel the pinch of higher mortgage rates. Sales of existing homes fell nearly 2 percent in September from the previous month but are still nearly 11 percent higher than a year ago, according to data released Monday by the National Association of Realtors. The number of homes sold was at a seasonally-adjusted annual rate of 5.3 million, down from 5.4 million in August. September's drop was largely in line with analyst's expectations, who say that sales are likely to slow down for the rest of the year as rising mortgage rates make homes less affordable for some. There was a temporary spike in August purchases, as buyers rushed to lock in low mortgage rates, pushing sales to a six-year high. "Expected rising mortgage interest rates will further lower affordability in upcoming months," Lawrence Yun, the association's chief economist, said in a statement. The 30-year fixed rate reached 4.28 percent last week, according to mortgage financing company Freddie Mac. Monday's release reflects September sales data, so the effects of the federal government shutdown on the housing market will not be clear until next month. Many homebuyers faced delays in getting approval for home loan or mortgage applications because federal agencies were closed. "Next month, we may see some delays associated with the government shutdown," said Yun. Sales in the South, which include the Washington area, fell 1.4 percent from the previous month, to an annual level of 2.1 million homes. The median home price was $171,600, which is nearly 14 percent higher than a year ago. The national median home price was $199,200, nearly 12 percent higher than last year.