US Existing-Home Sales Decline 1.0% in September

On Wednesday, the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—declined 1.0% in September to a seasonally adjusted annual rate of 3.84 million. Year-over-year, sales retracted 3.8%, down from 3.98 million in September 2023.

Three out of four regions posted sales declines in September, while the West experienced a spike. Year-over-year, sales slipped in three regions but increased in West.

Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August and 23.0% from one year ago, when it was 1.13 million. Unsold inventory sits at a 4.3-month supply at the current sales pace, up from 4.2 months in August and 3.4 months in September 2023.

The median existing-home price for all housing types in August was $404,500, up 3.0% from one year ago, when it was $392,700. All four regions posted price increases.

According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 28 days in September, up from 26 days in August and 21 days in September 2023.