“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun.
The rally underscored our industry’s leadership in advancing housing policy and demonstrated the collective strength of Realtors when we unite around a common cause.
Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures.
Inventory is matching a five-year high, though it remains below pre-COVID levels.
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.”
$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.
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.
“Home sales have struggled to gain traction, but prices continue to rise, contributing to record-high housing wealth,” said NAR Chief Economist Lawrence Yun.
Technology continues to lead in private-sector job cuts as companies restructure amid AI integration, slower demand, and efficiency pressures.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($806,500 or less) increased to 6.31% from 6.30%.
New York recorded the lowest turnover rate among the top 50 metros, with only around 10 out of every 1,000 homes selling in the first nine months of the year.
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