Existing-home sales fell 1.0% in September to a seasonally adjusted annual rate of 3.84 million. Three out of four major U.S. regions posted sales declines while the West experienced a sales bounce according to the National Association of Realtors (NAR). Sales also fell 3.5% from the previous year (down from 3.98 million in September 2023).
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”
Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23.0% from one year ago (1.13 million). Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
The median existing-home price for all housing types in September was $404,500, up 3.0% from one year ago ($392,700). All four U.S. regions posted price increases.
Distressed sales – foreclosures and short sales – represented 2% of sales in September, virtually unchanged from last month and the previous year.
Read the NAR release.
