By: Melissa Dittmann Tracey | Realtor Magazine Media
Existing-home sales were up in September, as buyers entered the market in response to lower mortgage rates. Get the inside scoop from NAR’s latest existing-home sales report.
Existing-home sales gained momentum last month—especially out West—as prospective buyers took advantage of lower mortgage rates and a larger selection of homes for sale. The latest National Association of REALTORS® report showed existing-home sales rose 1.5% month-over-month in September, with sales up 4.1% compared to a year ago.
“As anticipated, falling mortgage rates are lifting home sales,” says Lawrence Yun, NAR’s chief economist. “Improving housing affordability is also contributing to the increase in sales.”
