Home sales in September rose for the first time since May, with buyers taking advantage of a plateau in mortgage rates over the summer before the surge in recent weeks
The 1.5% gain over the previous month reflected a plateau in mortgage rates over the summer, but sales activity overall remained subdued.
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.
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