Existing-home sales decreased by 1.0% in September, with the median price rising by 3.0%.

From GlobeNewswire: 2024-10-23 10:00:00

Existing-home sales decreased by 1.0% in September to a seasonally adjusted annual rate of 3.84 million, with a 3.5% drop from the previous year. The median existing-home sales price rose by 3.0% to $404,500. The inventory of unsold existing homes increased by 1.5% to 1.39 million, equivalent to a 4.3 months’ supply at the current sales pace. Sales declined in three out of four major U.S. regions, but the West saw an increase. The median price for all housing types in September was $404,500, up 3.0% from the previous year. Single-family home sales decreased by 0.6% to 3.47 million units in September, while existing condominium and co-op sales dropped by 5.1% to 370,000 units. In September, the West experienced a 4.1% increase in existing-home sales, with a 5.6% rise from the previous year. The Northeast, Midwest, and South saw decreases in existing-home sales. Mortgage rates averaged 6.44% as of October 17, up from the previous week but down from the previous year. Existing-home sales data is available at nar.realtor and includes single-family, townhomes, condos, and co-ops. The statistics are based on transaction closings from MLS. Monthly data is seasonally adjusted to account for variations in resale activity. The median price represents where half of the properties sold for more and half for less. Survey results represent owner-occupants and do not include investor or vacation home buyers. Distressed sales, days on market, first-time buyers, all-cash transactions, and investors are included in monthly surveys. Total inventory and month’s supply data are available back to 1999.



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