According to a new release from the National Association of Realtors (NAR), existing home sales saw a slight increase of 1.5% month-over-month in September.
Regionally, the West and the South both reported a 2.8% month-over-month increase, while the Midwest remained relatively unchanged and the Northeast decreased 2.1% month-over-month.
The median existing home price was $417,500.
However, all sales still sit at a 2.2% year-over-year decline.
“Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,” said NAR Chief Economist Lawrence Yun. “Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.”
