Existing-home sales slid 1% in September, down from the previous month, according to the National Association of Realtors (NAR). Three out of four major U.S. regions registered sales declines while the West saw an increase. Year-over-year, sales fell in three regions but grew in the West.
Total existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — dropped to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales fell 3.5% (down from 3.98 million in September 2023).
Home sales have been essentially stuck at around a 4-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing, said NAR chief economist Lawrence Yun, in a statement.
“There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy,” Yun said. “Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”
Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23% from one year ago (1.13 million). Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.
The median existing-home price for all housing types in September was $404,500, up 3% from one year ago ($392,700). All four U.S. regions registered price increases.
“Moderating home price increases are welcome news for homebuyers,” Yun added. “With wage growth now outpacing home price appreciation, housing affordability will improve.”
