NAR Existing-Home Sales Report Shows 1.5% Increase in September

Core Insights - Existing-home sales increased by 1.5% month-over-month in September, reaching a seasonally adjusted annual rate of 4.06 million units, and rose by 4.1% year-over-year [1][5] - The increase in sales is attributed to falling mortgage rates and improving housing affordability, as stated by NAR Chief Economist Dr. Lawrence Yun [2][3] - Inventory levels reached 1.55 million units, up 1.3% from August and 14.0% from September 2024, although still below pre-COVID levels [5][6] Sales Performance - Month-over-month sales increased in the Northeast, South, and West, while the Midwest experienced a decline [2] - Year-over-year sales rose in the Northeast, Midwest, and South, with the West remaining flat [2] Pricing Trends - The median existing-home price in September was $415,200, reflecting a 2.1% increase from $406,700 a year ago, marking the 27th consecutive month of year-over-year price increases [3][5] - The median home price in the South was $500,300, up 4.1% from September 2024, while the West saw a median price of $360,300, down 0.6% from the previous year [6][13] Inventory and Supply - The unsold inventory supply remained at 4.6 months, unchanged from August but up from 4.2 months in September 2024 [5] - Inventory is at a five-year high, indicating a stable market despite being below pre-COVID levels [2][5] Mortgage Rates - The average 30-year fixed-rate mortgage in September was 6.35%, down from 6.59% in August but up from 6.18% a year ago [8]