Existing-home sales rose 1.5% from August to a seasonally adjusted annual rate of 3.99 million in September, according to the National Association of Realtors. Sales were down 2.2% year-over-year.
Single-family home sales increased 2.0% month-over-month to an annual rate of 3.64 million, down 1.9% from a year ago. The median single-family home price was $422,700, up 1.2% year-over-year.
“Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” NAR Chief Economist Lawrence Yun said. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.”
The average 30-year fixed mortgage rate was 6.86% in September, up from 6.67% in August and 6.35% a year ago, according to Freddie Mac.
Read the full report here.
