Brief
U.S. existing home sales slip 2.2% YoY as mortgage rates hit 7.4%
September data show a modest month‑to‑month rise but a year‑over‑year decline amid higher rates and inventory growth.
By Felo News Desk · Published
Existing‑home sales in the United States rose 1.5% from August to a seasonally adjusted annual rate of 3.99 million units in September, but were 2.2% lower than a year earlier, the National Association of Realtors said Tuesday.
The median sales price reached $417,500, a 1.3% increase from September 2025 and the highest September figure on record dating back to 1999. Prices have risen for 39 consecutive months.
Lawrence Yun, chief economist for the NAR, told Fortune, "This is a very tough market out there, especially with mortgage rates rising." The benchmark 30‑year mortgage rate averaged 7.4% last week, the highest level in nearly three years.
Inventory of unsold homes rose 1.9% from August to 1.6 million units at month‑end, the highest level since November 2019, creating a 4.8‑month supply at the current sales pace.
Economists surveyed by FactSet had expected a slightly lower annual pace of 3.98 million units. The market has hovered near a 4‑million annual pace since 2023, well below the historic norm of about 5.2 million units.
Key facts
- Existing‑home sales rose 1.5% month‑to‑month to 3.99 million units in September. (fortune.com)
- Sales were 2.2% lower than September 2025. (fortune.com)
- Median sales price hit $417,500, up 1.3% YoY. (fortune.com)
- The 30‑year mortgage rate reached 7.4%, the highest in nearly three years. (fortune.com)
- Unsold home inventory rose to 1.6 million units, a 1.9% increase from August. (fortune.com)
Sources
- [1] fortune.com — originally reported as “'A very tough market out there': U. S. home sales fell 2. 2% from last year as mortgage rates and prices rise”
