U.S. Existing Home Sales Increase In Line With Estimates In September
(RTTNews) - A report released by the National Association of Realtors on Thursday showed existing home sales in the U.S. increased in line with economist estimates in the month of September.
NAR said existing home sales jumped by 1.5 percent to an annual rate of 4.06 million in September after dipping by 0.2 percent to an annual rate of 4.00 million in August. The rebound matched expectations.
"As anticipated, falling mortgage rates are lifting home sales," said NAR Chief Economist Dr. Lawrence Yun. "Improving housing affordability is also contributing to the increase in sales."
The notable increase by existing home sales was led by strength in the West, where existing home sales surged by 5.5 percent.
Existing home sales in the Northeast and South also shot up by 2.1 percent and 1.6 percent, respectively, while existing home sales in the Midwest slumped by 2.1 percent.
The report also said the median existing-home price in September was $415,200, down 1.7 percent from $422.400 in August but up 2.1 percent from $406,700 a year ago.
Housing inventory at the end of September totaled 1.55 million units, up 1.3 percent from 1.53 million units in August and up 14.0 percent from 1.36 million units in September 2024.
The unsold inventory represents 4.6 months of supply at the current sales pace, unchanged from August but up from 4.2 months a year ago.
"Inventory is matching a five-year high, though it remains below pre-COVID levels," Yun said. "Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales."
He added, "Home prices continue to rise in most parts of the country, further contributing to overall household wealth."
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