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Existing Home Sales Rise to Highest Level Since January
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After faltering a bit in August, existing home sales bounced back in September.
Sales rose 7% month-over-month in the U.S. last month, according to data released last week by the National Association of Realtors (NAR). Economists predicted a 3.7% gain, so sales far outpaced that, and the 6.29 million monthly sales was the highest monthly total since January.
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"Some improvement in supply during prior months helped nudge up sales in September," Lawrence Yun, NAR's chief economist, said in a statement. "Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."
The breakdown of home sales by price bracket was telling of where the demand lies in the market. Home sales of $250,000 or less fell more than 20%; sales in the $250,000 to $500,000 range rose 3%; and homes priced $500,000 and up rose more than 20%.
This article originally published at https://dc.urbanturf.com/articles/blog/existing-home-sales-rise-to-highest-level-since-january/18863.
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