Existing-Home Sales Rose 7.0% in September
Washington, DC, October 21, 2021-Total existing-home sales rose 7.0% from August to a seasonally adjusted annual rate of 6.29 million in September, according to the National Association of Realtors. However, sales decreased 2.3% from a year ago (6.44 million in September 2020).
"Some improvement in supply during prior months helped nudge up sales in September," said Lawrence Yun, NAR's chief economist. "Housing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year."
Total housing inventory at the end of September amounted to 1.27 million units, down 0.8% from August and down 13.0% from one year ago (1.46 million). Unsold inventory sits at a 2.4-month supply at the present sales pace, down 7.7% from August and down from 2.7 months in September 2020.
The median existing-home price for all housing types in September was $352,800, up 13.3% from September 2020 ($311,500), as prices rose in each region. This marks 115 straight months of year-over-year increases.
"As mortgage forbearance programs end, and as homebuilders ramp up production – despite the supply-chain material issues – we are likely to see more homes on the market as soon as 2022," said Yun.
Properties typically remained on the market for 17 days in September, unchanged from August and down from 21 days in September 2020. Eighty-six percent of homes sold in September 2021 were on the market for less than a month.
First-time buyers accounted for 28% of sales in September, down from 29% in August and 31% in September 2020. NAR's 2020 Profile of Home Buyers and Sellers – released in late 20204 – revealed that the annual share of first-time buyers was 31%.
"First-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a