Existing home sales rose 3.2% to a seasonally adjusted 5.47 million-unit rate in September from a downwardly revised 5.30 million sales pace the previous month, the National Association of Realtors announced Thursday.
The September rate represents a 0.6% increase from the same month a year ago, and exceeded of the median 5.35 million unit pace predicted by economists polled by Thomson Reuters.
"The home search over the past several months for a lot of prospective buyers, and especially for first-time buyers, took longer than usual because of the competition for the minimal amount of homes for sale," said NAR chief economist Lawrence Yun. "Most families and move-up buyers look to close before the new school year starts. Their diminishing presence from the market towards the end of summer created more opportunities for aspiring first-time homeowners to buy last month."
Sales in the regions were higher in September. They were up 5.7% in the Northeast, 3.0% in the Midwest, 0.9% in the South, and 5.0% in the West.
The median sales price was $234,200 in September, a 5.6% increase from a year ago.
Inventory levels grew 1.5% from the previous month to 2.04 million existing homes, representing a 4.5-month supply at the current pace. Inventory was down 6.8% from the September 2015 level.
