Sales of previously owned homes rose 1.5 percent in September, according to the latest data from the National Association of Realtors. The increase was led by sales gains in the South and West, while the Midwest was flat and the Northeast declined month-over-month. Dr. Lawrence Yun, NAR’s chief economist, says the monthly improvement came as sales have slowed overall. “Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” Yun said. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.” But while rates are elevated, the news for buyers isn’t all bad. Yun says rising inventory and lengthening days on market have boosted buyers’ negotiating power and could help fall home shoppers score price discounts and other incentives from sellers. (source)
