US Existing Home Sales Rise 1.5% in September

Existing-home sales rose 1.5% in September to a seasonally adjusted annual rate of 4.06 million, the fastest pace in seven months and about 4.1% above a year earlier, the National Association of Realtors reported. The national median existing-home price climbed about 2.1% year-over-year to roughly $415,200, marking the 27th consecutive month of annual price gains. NAR Chief Economist Lawrence Yun said falling mortgage rates and a modest pickup in listings helped lift buyer activity, though contracts were likely struck when 30-year averages were roughly 6.75%–6.56% and have most recently fallen as low as about 6.27%. Unsold inventory rose to about 1.55 million units, roughly a 4.6-month supply, with single-family sales up 1.7% and condo/co-op sales flat. Nevertheless, borrowing costs remain high for many buyers and prices have risen roughly 53% since 2019, keeping affordability constrained and limiting a broader recovery.