Mortgage rates fall to lowest level in more than a year. https://t.co/OSsT5WkwyD ...

Mortgage rates fall to lowest level in more than a year. https://t.co/aXyaisSoLP ...

Mortgage rates fell to the lowest level in more than a year, easing affordability concerns for homebuyers. https://t.co/u4JFuZHBkI ...

Core Insights - Existing home sales increased by 1.5% in September to an annual rate of 4.06 million, marking the highest level since February and a year-over-year increase of 4.1% [1][2] Group 1: Market Conditions - Lower mortgage rates, which dropped from approximately 6.7% to 6.3%, contributed to the uptick in home sales [2] - Inventory levels rose to 1.55 million homes for sale in September, reflecting a 14% increase from the previous year and a 1.3% increase from August [3] Group 2: Buyer Demographics - Sales in the luxury market saw significant gains, with homes priced over $1 million experiencing a 20% increase year-over-year, and homes priced between $750,000 and $999,999 rising by 14.4% [5] - First-time homebuyers accounted for 30% of sales in September, which is an increase from recent months but still below historical averages of high 30% to low 40% [6]

Market Trends - US existing home sales experienced a slight increase last month [1] - Lower mortgage rates and moderate price increases stimulated activity in the US housing market [1]

Home sales rose in September to a seven-month high after buyers seized on declining mortgage rates https://t.co/IjozOdIPcr ...

Core Insights - Existing-home sales increased by 1.5% compared to the previous month, reaching the highest rate since February [1] Group 1 - The rise in existing-home sales indicates a positive trend in the housing market [1]

Core Insights - U.S. existing home sales reached a seven-month high in September, increasing by 1.5% to an annual rate of 4.06 million units, the highest since February [1][2] - The increase in home sales is attributed to falling mortgage rates and improving housing affordability, despite rising economic uncertainty and a stalled labor market [2][3] Sales Performance - Home sales rose 4.1% year-over-year, with increases noted in the Northeast, South, and West regions, while the Midwest experienced a decline [2] - The average rate for a 30-year fixed mortgage is at a one-year low of 6.27%, down from 7.04% in January, contributing to the rise in sales [2] Economic Context - A government shutdown has delayed the release of official economic data, including the employment report for September, leading to concerns about muted hiring due to economic uncertainty [3] - The shutdown has also affected real estate transactions, particularly in flood-prone areas where necessary insurance is unavailable [4] Inventory and Pricing - The inventory of existing homes increased by 14.0% year-over-year to 1.550 million units, although it remains below pre-pandemic levels [4] - The median existing home price rose by 2.1% year-over-year to $415,200, with current inventory expected to last 4.6 months at the September sales pace [5] Market Dynamics - Properties stayed on the market for an average of 33 days, up from 28 days a year ago, indicating a slight slowdown in sales velocity [6] - First-time buyers represented 30% of sales, an increase from 26% a year ago, though a 40% share is considered necessary for a robust housing market [6]

Core Insights - Sales of previously owned homes increased by 1.5% in September compared to August, reaching a seasonally adjusted annualized rate of 4.06 million units, marking the highest pace in seven months despite being slightly below analyst forecasts [1] - Year-over-year, sales were up 4.1% compared to September of the previous year [1] Regional Performance - On an annual basis, sales were strongest in the South and Northeast regions, while the West saw the highest monthly sales increase from August, and the Midwest experienced a slight decline [2] - The average mortgage rate for a 30-year fixed loan decreased from 6.67% in early July to 6.17% by the end of September, contributing to the sales increase [2] Market Dynamics - Falling mortgage rates are positively impacting home sales, with improved housing affordability also playing a role in the sales increase, according to the chief economist of the National Association of Realtors [3] - Inventory of homes for sale rose by 14% year-over-year to 1.55 million units at the end of September, although this remains historically low [3] - At the current sales pace, there is a 4.6-month supply of homes available, with a balanced market typically considered to have a six-month supply [3]

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]