Existing home sales increased 1.5% in September to a seasonally adjusted annual rate of 4.06 million. Year-over-year, sales increased 4.1%. Month-over-month sales increased in the Northeast, South and West, and fell in the Midwest. Year-over-year, sales rose in the Northeast, Midwest and South, and remained flat in the West.
“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.” “Inventory is matching a five-year high, though it remains below pre-COVID levels,” Yun added. “Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth.”
Total housing inventory registered at the end of September was 1.55 million units, up 1.3% from August and up 14.0% from one year ago (1.36 million). Unsold inventory sits at a 4.6-month supply at the current sales pace, no change from August and up from 4.2 months in September 2024.
The median existing home price for all housing types in September was $415,200, up 2.1% from one year ago ($406,700), the 27th consecutive month of year-over-year price increases.
Distressed sales, foreclosures and short sales, represented 2% of sales in September, unchanged from August and September 2024.
Read the NAR release.
