Existing-home sales decreased 1.0% in September compared with August to a seasonally adjusted annual rate of 3.84 million, according to the National Association of Realtors (NAR).
Year-over-year, existing-home sales were down 3.5% compared with September 2023.
The median existing-home sales price in September was $404,500, up 3.0% from September 2023.
September marked the 15th consecutive month of year-over-year price increases.
The inventory of unsold existing homes stood at 1.39 million – up 1.5% from August and up 23.0% from one year ago. That’s about a 4.3- month supply at the current sales pace.
NAR includes the sale of townhomes, condominiums and co-ops with its results.
“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” says Lawrence Yun, chief economist for NAR, in a statement. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”
“More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,” Yun adds. “However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2 percent of all transactions in September.”
The median existing-home price for all housing types in September was $404,500, up 3.0% from one year ago ($392,700). All four U.S. regions registered price increases.
“Moderating home price increases are welcome news for home buyers,” Yun added. “With wage growth now outpacing home price appreciation, housing affordability will improve.”
Homes for sale typically remained on the market for 28 days in September, up from 26 days in August and 21 days in September 2023.
First-time buyers were responsible for 26% of sales in September – matching the all-time low from August 2024 and November 2021 – and down from 27% in September 2023.
All-cash sales accounted for 30% of transactions in September, up from 26% in August and 29% in September 2023.
Regionally, and month-over-month, existing-home sales decreased 4.2% in the Northeast, 2.2% in the Midwest and 1.7% in the South, but increased 4.1% in the West.
Photo: Phil Hearing