(The Center Square) – Home sales increased 1.5% in September as mortgage rates dipped, according to the National Association of Realtors.
The group said September's 1.5% increase in existing-home sales put sales on a seasonally adjusted annual rate of 4.06 million in September. It also reported a 1.3% increase in unsold inventory to 1.55 million units, equal to 4.6 months' supply. Six months worth of supply is generally considered a balanced market.
"As anticipated, falling mortgage rates are lifting home sales," NAR Chief Economist Dr. Lawrence Yun said. "Improving housing affordability is also contributing to the increase in sales."
Year-over-year, existing home sales were up 4.1%. Prices were up as well.
Existing home sales gained 2.1%, pushing the median existing-home sales price to $415,200. That's the 27th consecutive month of year-over-year price increases.
"Inventory is matching a five-year high, though it remains below pre-COVID levels," Yun said. "Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth."
The average 30-year fixed-rate mortgage in September was 6.35%, according to Freddie Mac. That's down from 6.59% in August and up from 6.18% one year ago.
Originally published on thecentersquare.com, part of the BLOX Digital Content Exchange.
Information from the News and our advertisers (Want to add your business to this to this feed?)
Success! An email has been sent to with a link to confirm list signup.
Error! There was an error processing your request.
Sign up to receive notifications when a new Columbia Gorge News e-Edition is published.
Would you like to receive our news updates? Signup today!
Receive weekly updates on obituaries and death notices.
Oregon Capital Press presented by Columbia Gorge News
Receive updates on upcoming promotions and special sections.
Receive weekly updates on local sports news.
Sorry, an error occurred.
Already Subscribed!
Cancel anytime
Thank you .
Your account has been registered, and you are now logged in.
Check your email for details.
Submitting this form below will send a message to your email with a link to change your password.
An email message containing instructions on how to reset your password has been sent to the email address listed on your account.
No promotional rates found.
Secure & Encrypted
Thank you.
Your gift purchase was successful! Your purchase was successful, and you are now logged in.
| Rate: | |
| Begins: | |
| Transaction ID: |
A receipt was sent to your email.
Commented
Sorry, there are no recent results for popular commented articles.