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September Home Sales Surge as Mortgage Rates Fall

souhaib by souhaib
October 23, 2025
in Trending
Reading Time: 2 mins read
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September Home Sales Surge as Mortgage Rates Fall



Sales of existing homes in the U.S. climbed to a seven-month high in September, increasing 1.5% from August to a seasonally adjusted annualized rate of 4.06 million units, according to the National Association of Realtors. While slightly below analyst forecasts, sales were up 4.1% compared to September of the previous year.

The increase is largely attributed to declining mortgage rates. The data, which reflects contracts signed in July and August, corresponds with a period of improving housing affordability. “As anticipated, falling mortgage rates are lifting home sales,” said Lawrence Yun, NAR’s chief economist. The average rate on a 30-year fixed mortgage, which was 6.67% at the start of July, has since fallen to 6.17%.

On a regional basis, the West saw the strongest monthly sales growth, while the Midwest was the only region to post a decline. Annually, sales were strongest in the South and Northeast.

Despite recent improvements, housing inventory remains tight. The number of homes for sale rose 14% from a year ago to 1.55 million units, representing a 4.6-month supply at the current sales pace. A six-month supply is typically considered a balanced market. “Inventory is matching a five-year high, though it remains below pre-Covid levels,” Yun noted, adding that financially stable homeowners mean there are few distressed properties on the market.

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This limited supply continues to exert upward pressure on prices. The median price for a home sold in September was $415,200, a 2.1% year-over-year increase and the 27th consecutive month of annual gains. Home prices are now 53% higher than they were before the pandemic.

The market’s high end is seeing the most activity, with sales of homes priced over $1 million rising 20% from the prior year. In contrast, sales of homes under $100,000 increased by just under 3%.

First-time buyers, benefiting from lower borrowing costs, are re-entering the market, accounting for 30% of sales in September, up from 26% a year earlier. All-cash transactions made up 30% of sales. However, homes are taking longer to sell, sitting on the market for an average of 33 days, compared to 28 days a year ago.



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