US home sales rise monthly but fall year-on-year as rates surge

Summarised from 2 outlets · Updated 13 Oct, 15:32 · Archive

US existing home sales rose 1.5 per cent in September from August but fell 2.2 per cent year-on-year, the National Association of Realtors said.

Sales of previously occupied US homes rose 1.5 per cent in September from August to a seasonally adjusted annual rate of 3.99 million units, according to the National Association of Realtors. However, sales fell 2.2 per cent compared with a year earlier, reflecting an ongoing slowdown in the housing market.

The US median sales price increased 1.3 per cent year-on-year to $417,500, marking an all-time high for the month of September based on data going back to 1999. Home prices have risen annually for 39 consecutive months. Sales have mostly hovered close to 4 million annually since 2023, far below the historic norm of around 5.2 million.

Rising mortgage rates and home prices are stymying the market. The average rate on the 30-year mortgage hit 7.4 per cent last week, its highest level in nearly three years. It had briefly dipped below 6 per cent before the war between the US and Iran started in late February. Expectations of higher inflation from surging oil prices have pushed up long-term bond yields, driving mortgage rates higher and discouraging buyers.

How it is being reported

• US home sales rose in September, but slowed from a year earlier as mortgage rates, prices roseSales of previously occupied U.S. homes rose in September from the previous month, but slowed compared to a year ago, the latest sign the housing market remains stalled as rising mortgage rates and home prices discourage prospective homebuyers.Clickorlando · 13 Oct, 15:05
• US home sales rose in September, but slowed from a year earlier as mortgage rates, prices roseSales of previously occupied U.S. homes rose in September from the previous month, but slowed compared to a year ago, the latest sign the housing market remains stalled as rising mortgage rates and home prices discourage prospective homebuyers.News4Jax · 13 Oct, 15:05

In this story: National Association of Realtors · United States

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