US home sales accelerated in September to their fastest pace since February as mortgage rates eased

Sales Performance - Existing home sales in the U.S. rose 1.5% in September from August, reaching a seasonally adjusted annual rate of 4.06 million units, marking the fastest sales pace since February [1] - Year-over-year sales increased by 4.1% compared to September of the previous year, although the latest figure was slightly below the expected pace of approximately 4.07 million units [2] Price Trends - The national median sales price for homes climbed 2.1% in September from a year earlier, reaching $415,200, representing the 27th consecutive month of annual price increases [2] Market Context - The U.S. housing market has experienced a sales slump since 2022 due to rising mortgage rates, with sales of previously occupied homes hitting their lowest level in nearly 30 years last year [3] - Mortgage rates began to decline in July, coinciding with the Federal Reserve's decision to cut its main interest rate for the first time in a year, amid concerns over the U.S. job market [3] Mortgage Rate Dynamics - Homes sold in September likely went under contract in July and August, when the average rate on a 30-year mortgage ranged from 6.75% to 6.56% [4] - The decline in mortgage rates accelerated in September, with rates dropping as low as 6.27% last week [4]