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Existing home sales rise in September but fall year over year
Inventory increased to 1.60 million units, a 4.8-month supply, while the median price rose to $417,500.
Existing home sales rose 1.5% month over month in September to a seasonally adjusted annual rate of 3.99 million, but they were down 2.2% year over year, according to HousingWire citing National Association of Realtors data.
Total housing inventory climbed 1.9% from August to 1.60 million units, which translated into a 4.8-month supply of unsold homes, unchanged from August but above the 4.5-month level a year earlier.
The median existing home price increased 1.3% year over year to $417,500, marking the 39th straight month of annual price gains.
HousingWire noted that higher mortgage rates and affordability pressures are continuing to constrain buyers, and NAR Chief Economist Lawrence Yun said August and September were the slowest months for home sales this year on a seasonally adjusted basis.