NRT briefing
Home sales slowed last month — as mortgage rates climbed: ‘Very tough market out there’
Based on reporting by New York Post.
The Brief
Sales of previously occupied US homes rose 1.5% in September from August to a seasonally adjusted annual rate of 3.99 million units, according to the National Association of Realtors. However, the pace was 2.2% lower than a year earlier, and the annual sales rate has remained below 4 million for two consecutive months.
The national median home price rose 1.3% year over year to $417,500, an all-time high for September. The average rate on a 30-year mortgage hit 7.4% last week, its highest level in nearly three years, up from below 6% before the US-Iran war began in late February.
NAR chief economist Lawrence Yun said, “This is a very tough market out there, especially with mortgage rates rising.” Inventory improved to 1.6 million unsold homes at the end of September, the highest level since November 2019, providing more options for buyers able to afford current rates or pay cash.