MNI: US Sept Existing Home Sales Ticks Up 1.5% To 4.06M SAAR

U.S. sales of existing homes increased 1.5% to a seasonally adjusted annual rate of 4.06 million in September, the National Association of Realtors said Thursday, meeting expectations and the fastest annualized pace since February. Sales year-over-year are up 4.1%. 

Falling mortgage rates are lifting home sales, said NAR Chief Economist Dr. Lawrence Yun. Lower mortgage rates and better income growth gains are a positive. "I'll feel good about the upcoming year," he said. 

The national median home price was up 2.1% over the last year but fell 1.7% over the month to USD415,200. The inventory of unsold existing homes increased 1.3% to 1.55 million at the end of September, the equivalent of 4.6 months supply. 

"It is the highest inventory essentially in five years but nonetheless it is still below pre-Covid levels," Yun said. "I would still say we need another 300,000 homes coming onto the market to truly get us back to the pre-Covid levels."