US Existing-Home Sales Recede in September

On Thursday (10-19-23), the National Association of Realtors® (NAR) reported that total existing-home sales—completed transactions for single-family homes, townhomes, condominiums, and co-ops—recorded a 2.0% month-over-month decline in September to a seasonally adjusted rate of 3.96 million homes. Year-over-year, sales were down 15.4% (4.68 million in September 2022).

Across the four major regions, sales rose in the Northeast but declined in the Midwest, South, and West. All four regions reported year-over-year declines.

At the end of September, total housing inventory registered was 1.13 million units, up 2.7% from August but down 8.1% from one year ago (1.23 million in September 2022). Unsold inventory was at a 3.4-month supply at the current sales pace, up from 3.3 months in August and 3.2 months in September 2022.

The median existing home price for all housing types in September was $394,300, an increase of 2.8% from September 2022 ($383,500). Prices increased in all four regions.

According to the REALTORS® Confidence Index, properties typically remained on the market for 21 days in September, up from 20 days in August and 19 days in September 2022. Sixty-nine percent of homes sold in September were on the market for less than a month.