Existing home sales unexpectedly rise in September

U.S. home sales fell 2.2% last month compared to a year ago, as rising mortgage rates and home prices deterred potential buyers. Existing home sales rose 1.5% from August to 3.99 million units, according to the National Association of Realtors. Home prices reached an all-time high in September, with the median sales price increasing 1.3% to $417,500.

Mortgage rates hit 7.4%, the highest level in nearly three years, which has caused many prospective buyers to postpone their plans. Inventory levels remain low, with 1.6 million unsold homes at the end of last month, the highest level since November 2019.