{
  "id": 14266189,
  "title": "Why is the US housing market struggling? Sales rise 1.5% as prices hit record $417,500",
  "url": "https://urgent.news/2026/10/13/why-is-the-us-housing-market-struggling-sales-rise-1-5-as-prices-hit",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-13T18:38:05.000Z",
  "source": {
    "name": "Hindustan Times - World News",
    "slug": "hindustan-times-world-news",
    "url": "https://www.hindustantimes.com/world-news/us-news/why-is-the-us-housing-market-struggling-sales-rise-1-5-as-prices-hit-record-417500-101791915443980.html"
  },
  "original_language": "en",
  "account": "The US housing market continues to face difficulties in September, with existing home sales rising 1.5% to an annual rate of 3.99 million units. Home prices have reached record levels, hitting $417,500 on average, despite the rising sales. High mortgage rates are considered the main factor making homes less affordable for many Americans, particularly young buyers. The Federal Reserve's rate hikes have contributed to this trend, with the 30-year fixed mortgage rate reaching 7.40%, a record high since November 2023.\n\nInventory of existing homes increased to its highest level since November 2019, with housing inventory rising 1.9% in September to 1.60 million units. This supply increase does not necessarily mean more sellers are entering the market, as homes are staying on the market longer. This inventory surge, combined with weak demand, has resulted in a median time of 33 days for a listed property to remain on the market, unchanged from the previous month but higher than last year.\n\nDespite the rising home prices, sales trends varied across different price ranges. Homes priced at $1 million or more saw a 4.1% increase in sales, while home sales in the lower price ranges fell sharply. First-time buyers accounted for 31% of existing home sales in September, and their share increased slightly from previous months. However, for the housing market to be considered healthy, first-time buyers should make up around 40% of sales. Cash purchases made up 27% of transactions, unchanged from the previous month, while individual investors and second-home buyers accounted for 20% of transactions.",
  "summary": "US housing market sales rose 1.5% in September to 3.99 million, but record $417,500 home prices and high mortgage rates worsened affordability for buyers.",
  "key_points": [
    "US existing home sales rose 1.5% to 3.99 million units in September",
    "Average home price hit record $417,500 despite rising sales",
    "High mortgage rates, especially 7.40% 30-year fixed rate, hinder affordability"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}