Existing-home sales rebounded in September as buyers may have felt a sense of pressure as mortgage rates started to inch up. Existing-home sales rose by 7% in September compared to August. All major regions of the country posted increases last month, the National Association of REALTORS® reported Thursday.
“Some improvement in supply during prior months helped nudge up sales in September,” says Lawrence Yun, NAR’s chief economist. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.” The 30-year fixed-rate mortgage averaged 2.90% in September, but rates are rising.
Despite last month’s uptick, total existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—were down by 2.3% in September compared to a year ago.
Home prices continue to rise as inventories remain constrained. Housing inventory is down 13% compared to a year ago. Unsold inventory is at a 2.4-month supply at the current sales pace, NAR reports.
