"As anticipated, falling mortgage rates are lifting home sales, Lawrence Yun, NAR's chief economist, said in a statement. Improving housing affordability is also contributing to the increase in sales. The inventory of unsold existing homes also rose in September, jumping 1.3% on a monthly basis and 14.0% on a yearly basis to 1.55 million units. This represents a 4.6 month supply of unsold inventory at the current sales pace, the same as a month prior, but up from 4.2 months in September 2024."
"The median sales price also rose in September, jumping 2.1% annually to $415,000, marking the 27th consecutive month of annual price increases. Prices declined seasonally but are still rising year-over-year. The pace of home price growth has been slowing as inventory has been building up, Lisa Sturtevant, the chief economist at Bright MLS, said in a statement. More inventory and softer price growth or even price declines in some markets are giving buyers more options, but affordability is still a challenge."
Falling mortgage rates and improving housing affordability are supporting increases in existing home sales. Unsold existing-home inventory rose 1.3% month-over-month and 14.0% year-over-year to 1.55 million units, representing a 4.6-month supply and matching a five-year high while remaining below pre-COVID levels. Few distressed or forced sales persist because many homeowners are financially comfortable. The median existing-home price increased 2.1% annually to $415,000, marking 27 consecutive months of year-over-year gains despite seasonal declines. Home-price growth is slowing as inventory builds, giving buyers more options, though affordability remains a significant challenge. Regional sales trends were mixed.
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