Existing Home Sales Tick Up in September, But Housing Market Still Stuck in Neutral
Existing-home sales edged 1.5% higher in September to an annual rate of 4.06 million units, marking the strongest pace in seven months as slightly lower mortgage rates helped draw some buyers back. According to the National Association of Realtors (NAR), sales are up 4.1% year-over-year but remain far below pre-pandemic norms, reflecting a market still constrained by limited inventory and stubbornly high prices.
NAR Chief Economist Lawrence Yun noted that affordability is improving modestly as rates ease, yet many homeowners remain unwilling to sell low-rate mortgages from prior years. Inventory rose to 1.55 million homes, a 14% increase from last year, representing a 4.6-month supply—still shy of a balanced level. The median home price climbed 2.1% to $415,200, the 27th straight annual gain, underscoring the ongoing supply-demand imbalance.
Regionally, the West led with a 5.5% sales jump, while the Midwest slipped 2.1%. First-time buyers made up 30% of sales, suggesting improving entry-level participation, while cash transactions held steady at 30%.
Mortgage rates have fallen below 6.2%, providing some breathing room for buyers, but affordability remains tight as prices stay more than 50% above pre-pandemic levels. Economists expect gradual gains ahead, contingent on further rate cuts and easing inflation.
As one analyst summarized, “The market is thawing—but not yet warming.”
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