Existing-Home Sales Inch Up in September

With mortgage rates recently experiencing a slight dip, existing-home sales increased in September. According to the National Association of Realtors, existing-home sales grew by 1.5% month-over-month and by 4.1% year-over-year in September to a seasonally adjusted annual rate of 4.06 million. At the same time, total housing inventory grew to 1.55 million units. In September, housing inventory grew by 1.3% month-over-month and by 14% from September 2024.

"As anticipated, falling mortgage rates are lifting home sales," said NAR Chief Economist Dr. Lawrence Yun. "Improving housing affordability is also contributing to the increase in sales."

"Inventory is matching a five-year high, though it remains below pre-COVID levels," Yun added. "Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth."