Existing home sales in the United States climbed 1.5% in September compared to August, reaching a seasonally adjusted annual rate of 4.06 million units, according to data released by the National Association of Realtors (NAR) on Thursday.
The report signaled early signs of recovery in the housing market after months of subdued activity, as easing mortgage rates and improving affordability encouraged more buyers to return.
The median price for all housing types stood at $415,200, marking a 2.1% increase year-on-year, reflecting continued upward pressure on home prices despite broader economic headwinds. Meanwhile, total housing inventory reached 1.55 million units, up 0.4% month-over-month and 14% higher year-on-year, suggesting a modest improvement in supply levels.
NAR Chief Economist Lawrence Yun noted that the data matched expectations:
“As anticipated, falling mortgage rates are lifting home sales. Improving housing affordability is also contributing to the increase in sales.”
Economists see the rebound as a positive indicator for the broader U.S. economy, particularly as consumer confidence stabilizes and borrowing costs trend lower. However, with home prices still rising, affordability challenges may continue to weigh on first-time buyers in several high-demand regions.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Real estate and market conditions are subject to change due to macroeconomic factors. Always conduct your own research or consult a qualified financial advisor before making investment decisions.
