NAR: Existing-U.S. Home Sales Rose 1.5% in September; Northeast Home Sales Rose 2.1%

WASHINGTON—U.S. existing-home sales increased by 1.5% month-over-month in September, according to the National Association of Realtors Existing-Home Sales Report released today.

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 remained flat in the West.

“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.”

National Snapshot

Total Existing-Home Sales for September

• 1.5% increase in existing-home sales month-over-month to a seasonally adjusted annual rate of 4.06 million.
• 4.1% increase in sales year-over-year

Inventory in September

• 1.55 million units: Total housing inventory up 1.3% from August and up 14.0% from September 2024 (1.36 million).
• 4.6-month supply of unsold inventory, no change from August and up from 4.2 months in September 2024.

Median Sales Price in September

$415,200: Median existing-home price for all housing types, up 2.1% from one year ago ($406,700)—the 27th consecutive month of year-over-year price increases.

Single-Family Sales in September

• 1.7% increase in sales to a seasonally adjusted annual rate of 3.69 million, up 4.5% from September 2024.
• $420,700: Median home price in September, up 2.3% from last year.

Condominiums and Co-ops in September

• No change month-over-month or year-over-year; sales remain at a seasonally adjusted annual rate of 370,000 units.
• $360,300: Median price, down 0.6% from September 2024.

Regional Snapshot for Existing-Home Sales in September

Northeast

• 2.1% increase in sales month-over-month to an annual rate of 490,000, up 4.3% year-over-year.
• $500,300: Median price, up 4.1% from September 2024.

Midwest

• 2.1% decrease in sales month-over-month to an annual rate of 940,000, up 2.2% year-over-year.
• $320,800: Median price, up 4.7% from September 2024.

South

• 1.6% increase in sales month-over-month to an annual rate of 1.86 million, up 6.9% year-over-year.
• $364,500: Median price, up 1.2% from September 2024.

West

• 5.5% increase in sales month-over-month to an annual rate of 770,000, with no change year-over-year.
• $619,100: Median price, up 0.4% from September 2024.

Realtors Confidence Index for September

• 33 days: Median time on market for properties, up from 31 days last month and 28 days in September 2024.
• 30% of sales were first-time homebuyers, up from 28% in July and 26% in September 2024.
• 30% of transactions were cash sales, up from 28% a month ago and unchanged from September 2024.
• 15% of transactions were individual investors or second-home buyers, down from 21% last month and 16% in September 2024.
• 2% of sales were distressed sales (foreclosures and short sales), unchanged from August and September 2024.

Mortgage Rates

6.35%: The average 30-year fixed-rate mortgage in September, according to Freddie Mac, down from 6.59% in August and up from 6.18% one year ago.