Existing home sales slide 1 percent in September across the nation

Existing-home sales drew back in September, according to a report from the National Association of Realtors. Three out of four major U.S. regions registered sales declines while the West experienced a sales bounce. Year-over-year, sales fell in three regions but grew in the West, the organization said.

Total existing home sales — completed transactions that include single-family homes, townhomes, condominiums and co-ops — receded 1 percent from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales waned 3.5 percent (down from 3.98 million in September 2023).

“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

Total housing inventory registered at the end of September was 1.39 million units, up 1.5 percent from August and 23 percent from one year ago (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.

“More inventory is certainly good news for home buyers as it gives consumers more properties to view before making a decision,” Yun said. “However, the inventory of distressed properties is minimal because the mortgage delinquency rate remains very low. Distressed property sales accounted for only 2 percent of all transactions in September.”

The median existing-home price for all housing types in September was $404,500, up 3 percent from one year ago ($392,700). All four U.S. regions registered price increases.

“Moderating home price increases are welcome news for home buyers,” Yun said. “With wage growth now outpacing home price appreciation, housing affordability will improve.”

According to the monthly Realtor 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.

First-time buyers were responsible for 26 percent of sales in September — matching the all-time low from August 2024 and November 2021 — and down from 27 percent in September 2023.

All-cash sales accounted for 30 percent of transactions in September, up from 26 percent in August and 29 percent in September 2023.