US existing home sales inch higher in September

(Sharecast News) - US existing‑home sales ticked higher in September, according to the National Association of Realtors, rising 1.5% on the month but falling 2.2% year‑on‑year to an annualised 3.99m units. Sales increased in the South and West, were flat in the Midwest, and declined in the Northeast, while all four regions posted annual drops.

Total inventory climbed to 1.60m homes, up 1.9% from August and 4.6% from a year earlier, leaving supply unchanged at 4.8 months.

The median existing‑home price rose 1.3% year‑on‑year to $417,500, marking the 39th straight month of annual price gains.

"Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year," said NAR chief economist Lawrence Yun. "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."

Yun continued: "Higher inventory and lengthening days on market give buyers improved negotiating power. Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers."







Reporting by Iain Gilbert at Sharecast.com