(NAR) US sales of existing homes improved at an annual rate of 7% to 6.29 million in September from August, with increases in supply accounting for the uptick in activity.
All US regions posted increases in sales of existing homes, although the activity was still 2.3% down from September 2020, when it was 6.44 million.
Housing prices rose at an annual rate of 13.3% to reach $352,800.
Housing inventories fell by 0.8% from August to 1.27 million units in September. The inventory was 13.0% below the prior year. Unsold inventory is now at a 2.4-monthly supply, a decline from 2.7 months in September last year.
First-time home buyers accounted for 28% of the September sales, declining from 29% in August and 31% in the prior year, driven away by high prices.
NAR chief economist says the housing demand is still strong as buyers rush to secure homes before mortgage rates increase next year.
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