Existing-home sales fell 1.5% in September to a seasonally adjusted annual rate of 4.71 million, according to the National Association of Realtors (NAR). Sales fell year-over-year, down 23.8% from September 2021. First-time buyers were responsible for 29% of sales in September, consistent with August 2022 and higher than 28% September 2021.
“The housing sector continues to undergo an adjustment due to the continuous rise in interest rates, which eclipsed 6% for 30-year fixed mortgages in September and are now approaching 7%,” said NAR Chief Economist Lawrence Yun. “Expensive regions of the country are especially feeling the pinch and seeing larger declines in sales.”
The total housing inventory in September was 1.25 million units, down 2.3% from August inventory and 0.8% from one year ago. The median home price was $384,800, up 8.4% from September 2021 ($355,100), as prices rose in every region. This marks 127 consecutive months of year-over-year gains, the longest-running streak on record.
Distressed sales—foreclosures and short sales—represented less than 2% of sales in September essentially unchanged from the August 2022 and September 2021.
Read the NAR release.