Home Sales Rise Unexpectedly in September in Defiance of Surging Mortgage Rates

Existing home sales ticked upward in September, but buyers and sellers are showing signs of fatigue with the difficult housing markert.Data from the National Association of Realtors shows existing home sales rose 1.5% on a monthly basis to a seasonally adjusted annual rate of 3.99 million. This is an increase from August, but both months were the two slowest of the year for home sales, NAR Chief Economist Lawrence Yun said in a call with reporters.Year-over-year, home sales are down 2.2% , and 3.9% in raw numbers. Home prices are rising but at a very minimal pace. In September, the median price increased 1.3% to $417,500. That's a record high for September, though it is down from the summer price surges.Meanwhile, inventory increased 1.9% to 1.60 million units, or 4.8 months' supply. That's the highest inventory level since November 2019. "Let's be mindful, there are 87 million home owners in the country ,and they are mostly vey comfortable because they have seen substantial wealth gain in recent years compared to pre-pandemic," Yun said. "It's just tough market condition for home buyers and home sellers." The average 30-year fixed-rate mortgage in September was 6.86%:, according t...