U.S. existing-home sales rose 1.5% from August and fell 2.2% from a year earlier in September, to a seasonally adjusted annual rate of 3.99 million, according to the National Association of REALTORS®. Sales increased in the South and the West, held steady in the Midwest, and declined in the Northeast. Compared with a year earlier, sales declined in all four regions. August and September were the two slowest months for home sales this year, NAR Chief Economist Lawrence Yun said.
New listings decreased 7.6% for residential homes and 13.6% for townhouse/condo homes. Pending sales decreased 12.6% for residential homes and 27.2% for townhouse/condo homes. Inventory increased 11.9% for residential homes and 14.4% for townhouse/condo homes.
Median sales price increased 2% to $323,000 for residential homes and 9.5% to $229,900 for townhouse/condo homes. Days on market increased 13.8% for residential homes and 6.7% for townhouse/condo homes. Months supply of inventory increased 16% for residential homes and 20.6% for townhouse/condo homes.
Heading into October, 1.60 million homes were listed for sale, up 1.9% from the previous month and 4.6% from a year earlier, according to NAR. Unsold inventory was a 4.8-month supply, unchanged from August and up from a 4.5-month supply a year earlier. The median existing-home sales price was $417,500, up 1.3% from $412,300 a year earlier. That marked the 39th consecutive month of year-over-year price gains.
