Existing-home sales increased by 1.5% month-over-month in September, with sales rising in the Northeast, South, and West, and falling in the Midwest. Year-over-year, sales rose in the Northeast, Midwest, and South, and remained flat in the West. The median existing-home price for all housing types was $415,200, up 2.1% from last year. Single-family home sales increased by 1.7%, while condominium and co-op sales remained unchanged. Mortgage rates averaged 6.35% in September. The National Association of REALTORS® Chief Economist, Dr. Lawrence Yun, attributes the increase in sales to falling mortgage rates and improving housing affordability. The National Association of Realtors (NAR) benchmarks home sales periodically to assess trends, including sales not reported by MLSs. Existing-home sales are based on closings, while new single-family home sales are based on contracts or deposits, leading to potential differences in direction. Existing-home sales, accounting for over 90% of total sales, are based on a larger data sample, with seasonal adjustments used to factor out variations. Historic comparisons show that single-family homes accounted for the majority of purchases prior to 1999. The median price, reflective of market conditions, is compared year-over-year due to seasonality in buying patterns. The national median condo/co-op price is often higher than single-family homes due to market differences. Data on distressed sales, days on market, first-time buyers, all-cash transactions, and investors are from NAR’s REALTORS® Confidence Index.

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