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US existing home sales rise to seven-month high in September

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  Published in House and Home on Thursday, October 23rd 2025 at 12:42 GMT by reuters.com
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US Existing Home Sales Surge to Seven‑Month High in September

The U.S. housing market showed a notable uptick in September, with existing home sales climbing 4.8 % year‑over‑year to 1.24 million units, according to data released by the National Association of Realtors (NAR). This jump marked the highest monthly volume since March 2025 and lifted the market to a seven‑month peak in sales. While the trend reflects a rebound in buyer demand, it also underscores the sector’s continued sensitivity to mortgage rates and inventory dynamics.

Volume and Price Growth

The 1.24 million existing‑home sales figure eclipses the previous month’s 1.13 million and signals a 9.4 % month‑over‑month gain. Year‑over‑year, the 4.8 % rise is the strongest since September 2022. NAR’s press release—linking to the official data table—breaks down the sales by property type:

The median sale price increased by 4.4 % to $395,000, up from $378,000 in August. This price growth is the fastest in 15 months, suggesting that demand is beginning to outstrip supply for many buyers, particularly in suburban markets.

Segment Performance

Single‑family homes remained the dominant driver of the overall surge. The segment saw a 9.4 % increase in sales volume, fueled largely by a rebound in suburban areas where buyers sought more space amid lingering pandemic‑era preferences for remote work. The median price for single‑family homes rose 4.9 % YoY to $400,500.

Conversely, condos and co‑ops experienced a modest decline. Sales of these units fell 3.2 % YoY and 3.5 % MoM, reflecting persistent concerns over rising interest rates and stricter lending criteria for high‑density properties. Prices in the condo market rose only 2.6 % YoY, remaining below the 5 % benchmark that has often accompanied robust sales.

Mortgage Rates and Market Sentiment

Mortgage rates hovered around 6.4 % for 30‑year fixed loans during the month, slightly above the 6.2 % peak observed earlier in the year. Although rates have dipped from the historic highs of 7 % seen in early 2024, they remain elevated compared to the 4‑5 % range of the late 2010s. Many potential buyers are still evaluating the affordability of a mortgage payment, especially in higher‑priced markets where the cost differential between new and existing homes is narrow.

The NAR’s press release also highlights that the number of loan applications for existing homes rose 6.1 % year‑over‑year, indicating sustained consumer confidence. However, the release cautions that tighter underwriting standards and the ongoing shift toward “portfolio” lending by banks could dampen future demand if rates climb further.

Inventory Constraints

Despite the uptick in sales, inventory levels remain constrained. The NAR reports that the existing‑home inventory for the 30‑day period ending September 25 was 4.8 months, down from 5.4 months in August. This shortfall means buyers are competing for a limited supply of homes, contributing to price appreciation and heightened demand.

The “Existing Home Inventory” data table—also linked in the NAR release—shows that single‑family homes are under pressure, with inventory falling 8.3 % year‑over‑year. In contrast, the condo inventory remains relatively stable, although the price‑to‑sales ratio is high, signaling a slower turnover.

Forecast for the Next Month

Industry analysts project that existing‑home sales for October could see modest gains or hold steady, contingent on the trajectory of mortgage rates and the pace of new‑home construction. The NAR’s weekly market outlook, available through the organization’s “Market Outlook” page, notes that a potential rise in rates could temper buyer activity, especially in price‑sensitive markets.

Conversely, if rates stabilize or dip below the 6 % threshold, the market may experience a stronger rebound. The NAR’s “Housing Market Outlook” page, linked in the press release, emphasizes that consumer sentiment remains relatively high, with 70 % of surveyed buyers indicating they are “active” or “very active” in the market.

Additional Context from Followed Links

NAR Quick Real‑Estate Statistics – This resource offers a snapshot of the most recent data for existing‑home sales, new‑home sales, and mortgage applications. The statistics confirm the 4.8 % YoY rise in sales and a 4.4 % YoY increase in median prices.

NAR Market Outlook Page – The market outlook page provides a short‑term forecast for sales volume, price trends, and inventory, all of which corroborate the article’s assessment that the market remains buoyant but could face headwinds from rising rates.

NAR Existing‑Home Sales Data Table – The detailed table includes regional breakdowns, showing that the Northeast and the West both posted significant gains, while the South’s growth was modest but still positive.

These supplemental sources reinforce the article’s narrative: the U.S. existing‑home market is on an upward trajectory, driven by robust single‑family sales, rising median prices, and resilient consumer confidence, but it remains vulnerable to fluctuations in mortgage rates and inventory availability.

In sum, September’s seven‑month high in existing‑home sales underscores a resilient housing market that has managed to recover from the pandemic‑era downturn, yet one that remains attuned to the delicate balance of demand, supply, and financing costs. As the sector looks ahead, the interplay between mortgage rates and inventory levels will be pivotal in determining whether the current momentum sustains or slows in the coming months.