U.S. Existing Home Sales Increased by 1.5% in September 2023.

Positive Developments in U.S. Second-Hand Housing Sales

The National Association of Realtors (NAR) has shared the second-hand housing sales figures for September 2023 with the public.

Seasonally Adjusted Sales Figures

According to this, second-hand housing sales in the U.S. increased by 1.5% in September, reaching 4.06 million units, adjusted for seasonal effects.

In the previous August, housing sales had decreased by 0.2% compared to the previous month, falling to 4 million units.

Yearly Increase

Second-hand housing sales have shown an increase of 4.1% compared to September of last year. The median home price in the U.S. second-hand housing market rose to $415,200 in September, reflecting an annual increase of 2.1%.

Reasons for Price Increase

NAR Chief Economist Lawrence Yun stated that falling mortgage interest rates and improved housing affordability have positively impacted sales. He also noted that the housing stock has reached its highest level in 5 years, but remains below pre-pandemic levels.

Yun stated, "Home prices continue to rise across the country, which is increasing overall household wealth."