What did existing home sales look like in September?
Sales of existing homes increased in September in three of four regions across the nation, and potential buyers had a recent record number of homes to choose from as well, the National Association of REALTORS® (NAR) said in a report released today.
Existing home sales, which the NAR defines as completed transactions for properties that include single-family homes, townhomes, condominiums and co-ops, increased as much as 1.5% from August, the report suggested.
“As anticipated, falling mortgage rates are lifting home sales,” NAR Chief Economist Lawrence Yun said in the report. “Improving housing affordability is also contributing to the increase in sales.”
Total homes for sale at the end of September were 1.55 million units, up 1.3% from August and up 14% from September of last year, the NAR report said.
The volume of homes for sale could help more buyers get into the housing market, the NAR suggested.
“Inventory is matching a five-year high, though it remains below pre-COVID levels," Yun added in the report. “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."
Which regions showed changes in pending home sales?
Three of the four regions the NAR tracks in the U.S. showed increases in sales of existing homes in September, the NAR said.
- Sales of existing homes in the West rose 5.5% from August.
- The Northeast experienced a 2.1% increase in existing home sales from August.
- Completed transactions in the South went up 1.6% from the previous month.
- In the Midwest, existing home sales slipped 2.1% from the previous month.
Spring and summer traditionally make up the bulk of the annual homebuying season for existing homes. However, sales could pick up some as mortgage interest rates decline, prices stabilize and we head into fall and winter.
Did mortgage rates show any change?
According to data from Freddie Mac, the 30-year fixed rate mortgage averaged 6.19% as of Oct. 23. That’s down from 6.27% one week ago and down from 6.46% one year ago.
Continued reduction in mortgage interest rates will likely be a welcome sign to prospective homebuyers. A decrease in mortgage rates could also signal a continuing thaw in the housing market as we push into fall and the holiday season.
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