Sales of previously owned homes rose 1.5 percent month-over-month in September, according to new numbers from the National Association of Realtors. Sales were up in the Northeast, South, and West, but fell in the Midwest. Lawrence Yun, NAR’s chief economist, says lower mortgage rates contributed to the improvement. “As anticipated, falling mortgage rates are lifting home sales,” Yun said. “Improving housing affordability is also contributing to the increase in sales. Inventory is matching a five-year high, though it remains below pre-COVID levels. Many homeowners are financially comfortable, resulting in few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth.” In other words, conditions are improving. The NAR’s report also found that listings are lasting longer on the market. In fact, properties spent 33 days on the market in September, up from 28 days last year at the same time. (source)
