Existing home sales increased by 1.5% month-over-month and by 4.1% year-over-year in September, totaling 1.55 million units sold, according to the new data from the National Association of Realtors (NAR).
Last month saw a 4.6-month supply of unsold inventory, unchanged from August and up from 4.2 months in September 2024.
The median existing home price for all housing types was $415,200, up 2.1% from the $406,700 recorded one year earlier. September marked the 27th consecutive month of year-over-year price increases.
On a regional basis, both month-over-month sales increased in the Northeast, South and West but fell in the Midwest while year-over-year sales rose in the Northeast, Midwest and South, but remained flat in the West.
“As anticipated, falling mortgage rates are lifting home sales,” said NAR Chief Economist 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. 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.”
