The U.S. housing market shows slight signs of recovery. The National Association of Realtors (NAR) reported that existing home sales in the U.S. rose 1.5% month-on-month in September, reaching a seasonally adjusted annual rate of 3.99 million units, slightly above market expectations, though still down 2.2% year-on-year.
NAR data showed the median price of existing homes rose 1.3% year-on-year in September to $417,500, a record high for the period. Inventory of homes for sale increased 1.9% month-on-month to 1.6 million units, the highest since November 2019. At the current sales pace, this represents a 4.8-month supply.
However, the sales rebound is not enough to reverse the overall weakness in the housing market. Analysts noted that August and September were the two slowest months for existing home sales this year. The average 30-year fixed mortgage rate recently rose to 7.4%, the highest since November 2023, further weakening buyers' affordability and potentially reducing the number of qualified homebuyers. (rc)
NAR data showed the median price of existing homes rose 1.3% year-on-year in September to $417,500, a record high for the period. Inventory of homes for sale increased 1.9% month-on-month to 1.6 million units, the highest since November 2019. At the current sales pace, this represents a 4.8-month supply.
However, the sales rebound is not enough to reverse the overall weakness in the housing market. Analysts noted that August and September were the two slowest months for existing home sales this year. The average 30-year fixed mortgage rate recently rose to 7.4%, the highest since November 2023, further weakening buyers' affordability and potentially reducing the number of qualified homebuyers. (rc)
