Existing-home sales increased by 1.5% month-over-month in September, according to the National Association of REALTORS Existing-Home Sales Report. The Report provides the real estate ecosystem, including agents and homebuyers and sellers, with data on the level of home sales, price, and inventory.
Sales in the Northeast, South, and West rose month over month, while those in the Midwest decreased. Sales in the Northeast, Midwest, and South increased year-over-year, while those in the West stayed same.
“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. 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 Existing-Home Sales for September
- 1.5% increase in existing-home sales month-over-month to a seasonally adjusted annual rate of 4.06 million.
- 4.1% increase in sales year-over-year.
Inventory in September
- 1.55 million units: Total housing inventory, up 1.3% from August and up 14.0% from September 2024 (1.36 million).
- 4.6-month supply of unsold inventory, no change from August and up from 4.2 months in September 2024.
Median Sales Price in September
- $415,200: Median existing-home price for all housing types, up 2.1% from one year ago ($406,700) – the 27th consecutive month of year-over-year price increases.
Single-Family and Condo/Co-op Sales
Single-Family Homes in September
- 1.7% increase in sales to a seasonally adjusted annual rate of 3.69 million, up 4.5% from September 2024.
- $420,700: Median home price in September, up 2.3% from last year.
Condominiums and Co-ops in September
- No change month-over-month or year-over-year; sales remain at a seasonally adjusted annual rate of 370,000 units.
- $360,300: Median price, down 0.6% from September 2024.
Regional Snapshot for Existing-Home Sales in September
Northeast
- 2.1% increase in sales month-over-month to an annual rate of 490,000, up 4.3% year-over-year.
- $500,300: Median price, up 4.1% from September 2024.
Midwest
- 2.1% decrease in sales month-over-month to an annual rate of 940,000, up 2.2% year-over-year.
- $320,800: Median price, up 4.7% from September 2024.
South
- 1.6% increase in sales month-over-month to an annual rate of 1.86 million, up 6.9% year-over-year.
- $364,500: Median price, up 1.2% from September 2024.
West
- 5.5% increase in sales month-over-month to an annual rate of 770,000, with no change year-over-year.
- $619,100: Median price, up 0.4% from September 2024.
To read more, click here.
The post Home Sales Rebound in September; Inventory Hits Five-Year High first appeared on The MortgagePoint.
