Existing-home sales rebound in September but remain at low levels
They rose 1.5% in September compared to the previous month, for a projected annual total of 3.99 million units.
Sales of existing homes rebounded in September. File photo
Existing-home sales rebounded in September according to industry data released Tuesday, but it was one of the two months with the lowest sales so far this year.
Sales of existing homes rose 1.5% in September compared with the previous month, for an annualized total (the estimated volume if conditions at the time of measurement were to continue) of 3.99 million units, according to the National Association of Realtors (NAR).
However, compared with the same month a year ago, sales fell 2.2%.
"Despite the small monthly gain, ... August and September marked the two slowest months for home sales this years," said NAR Chief Economist Lawrence Yun.
"Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home," he added.
The popular 30-year fixed-rate mortgage had an interest rate of 6.86% in September, according to mortgage financing giant Freddie Mac. This represents an increase from 6.67% in August and is significantly higher than the 6.35% rate a year earlier.
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