The newly released monthly report from the National Association of Realtors highlights a very strong September across the U.S. Total existing-home sales rose 7 percent from August to a seasonally adjusted annual rate of 6.29 million in September.
Compared to a year ago, however, sales decreased 2.3 percent.
Total housing inventory at the end of September came out to 1.27 million units, down 0.8 percent from August and down 13 percent from one year ago when inventory stood at 1.46 million units.
“Some improvement in supply during prior months helped nudge up sales in September,” said Lawrence Yun, NAR’s chief economist. “Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.”
For the 115 consecutive month, the median existing-home price for all housing types increased in September to $352,800. Compared to September 2020, prices were up 13.3 percent.
On the regional level, existing-home sales in the West climbed 6.5 percent in September, down 3 percent year-over-year. The median price in the West was up 8.3 percent annually to $506,300. Existing-home sales in the Midwest were up 5.1 percent last month with a median price of $265,300.
Existing-home sales in the South were also up some 8.6 percent in September, unchanged from one year ago. The median price in the South was $307,500, a 14.8 percent increase year-over-year. The Northeast grew 5.5 percent in September, with a median price of $387,200. That represents a 9.2 percent increase from one year ago.