Core Insights - U.S. existing home sales reached a seven-month high in September, driven primarily by higher-income households benefiting from stock market gains [1][4] - Despite a decline in mortgage rates to one-year lows, affordability remains a significant challenge for lower and middle-income buyers, compounded by economic uncertainty and a stagnant labor market [2][7] Sales Performance - Home sales increased by 1.5% in September to a seasonally adjusted annual rate of 4.06 million units, the highest since February, with a year-over-year increase of 4.1% [4][5] - Sales of homes priced at $1 million and above surged by 20.2% year-over-year, while homes in the $750,000-$1 million range rose by 14.4%. In contrast, sales in the $100,000-$250,000 range only increased by 6.0% [8] Economic Outlook - Economists predict that existing home sales will stabilize through the end of this year and into early next year, with improvements expected in 2026 as mortgage rates decline further and the economy strengthens [3] - The average rate for a 30-year fixed mortgage is currently at 6.19%, down from 7.04% in January, but this has not significantly boosted demand for home purchase loans, as many homeowners are refinancing instead [6][7] Market Context - Housing contributes less than 5% to the U.S. economy, and recent reports indicate little change in economic activity, with muted demand for labor [9]

Home sales picked up last month as lower mortgage rates and higher inventory brought some buyers off the sidelines. Existing home sales rose 1.5% in September to a seasonally adjusted annual rate of 4.06 million, the highest level since February, according to National Association of Realtors data released Thursday. Year over year, they’re up 4.1%. Homes that sold in September usually went under contract a month or two earlier. During that period, mortgage rates dropped from around 6.7% to around 6.3%. Cu ...

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]

Washington, D.C., Oct. 23, 2025 (GLOBE NEWSWIRE) -- 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. 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 ...

Core Insights - The housing market is experiencing a significant shift, with sellers increasingly cutting prices or offering incentives to attract buyers [2][3] - Existing-home sales have reached their lowest level since 1995, indicating a sluggish market [2][3] - Buyers are now in a stronger position to negotiate better prices due to increased inventory and easing mortgage rates [3][4] Group 1: Market Conditions - Home sellers are facing challenges, as evidenced by Doug McCormick's experience of listing his home for $1.3 million without receiving any offers after two months [1] - The National Association of REALTORS® (NAR) reported a 0.7% decline in existing-home sales last year, totaling 4.06 million, marking the lowest level since 1995 [2][3] - Homes are remaining on the market longer, leading to more frequent price cuts and giving buyers more leverage in negotiations [2] Group 2: Buyer Opportunities - Current inventory levels are the highest since May 2020, providing homebuyers with more options [3] - The average 30-year fixed mortgage rate has recently decreased to 6.50%, down from 6.56% in early September, enhancing buyers' purchasing power [3][5] - First-time homebuyers are gaining leverage in the market, allowing them to negotiate terms that fit their budgets [4]

Core Insights - Existing home sales in August were flat at a seasonally adjusted annualized rate of 4 million units, down 0.2% from July but up 1.8% year-over-year [1] - The market was expecting a larger decline of 1.5%, with sales strongest in the Midwest and weakest in the Northeast [2] - Supply of homes for sale decreased by 1.3% from July, although it remains up 11.7% year-over-year, indicating a shift in market dynamics [2][3] Sales and Pricing Trends - The median home price in August was $422,600, reflecting a 2% increase year-over-year, marking the 26th consecutive month of annual price gains [4] - Homes are staying on the market longer, averaging 31 days compared to 26 days last year, indicating a potential cooling in buyer demand [4] - First-time buyers represent only 28% of the market, while all-cash transactions account for 28% of sales, up from 26% a year ago [4] Mortgage Rates and Economic Indicators - Current mortgage rates are around 6.37%, with minimal movement since the Federal Reserve's rate cut, which brought rates to a three-year low [5] - The market is awaiting further economic indicators to influence mortgage rates, following a recent surprise in new home sales data [6]

Core Insights - Existing-home sales in August decreased by 0.2% from July, remaining stable overall [1][5] - The Midwest region showed month-over-month sales increases, while the Northeast and South experienced declines [2] - Year-over-year sales rose in the Midwest and South, but fell in the Northeast and West [2] Sales and Inventory Data - Total existing-home sales for August were at a seasonally adjusted annual rate of 4.0 million, reflecting a 0.2% decrease month-over-month and a 1.8% increase year-over-year [5] - Total housing inventory in August was 1.53 million units, down 1.3% from July but up 11.7% from August 2024 [5] - The median existing-home price in August was $422,600, marking a 2.0% increase from the previous year [3][5] Regional Performance - The Midwest was the best-performing region, with median home prices 22% below the national median [2] - The Northeast and South saw declines in sales, while the Midwest and West experienced increases [2] Mortgage Rates - The average 30-year fixed-rate mortgage in August was 6.59%, down from 6.72% in July and 6.50% a year ago [8] Market Dynamics - Elevated mortgage rates and limited inventory have contributed to sluggish home sales in recent years [2] - Declining mortgage rates and increasing inventory are expected to boost sales in the coming months [2] - Record-high housing wealth and stock market performance may encourage current homeowners to trade up, benefiting the upper end of the market [2]

Group 1 - New homes are selling for an average of $33,500 less than existing homes, highlighting a significant pricing discrepancy in the U.S. housing market [1] - Home builders are motivated sellers due to holding inventories and construction debt, which pressures them to offer competitive pricing [2][4] - Approximately 70% of U.S. homeowners have mortgages below 4%, creating a strong incentive for them to retain their properties and sustain higher asking prices [4] Group 2 - The perception of lower quality in newly built homes contributes to their pricing, with builders like D.R. Horton facing criticism for poor construction standards [3] - Home builders are employing strategies such as buying down mortgage rates to attract buyers, but this may not be sufficient to compete with existing homes [2] - The dynamics of the housing market reflect a contrast between the urgency of builders to sell and the reluctance of existing homeowners to lower prices [4]