{"id":2581,"date":"2021-10-21T17:09:07","date_gmt":"2021-10-21T17:09:07","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2021\/10\/21\/existing-home-sales-rebound-in-september\/"},"modified":"2025-03-13T02:39:25","modified_gmt":"2025-03-13T02:39:25","slug":"existing-home-sales-rebound-in-september","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2021\/10\/21\/existing-home-sales-rebound-in-september\/","title":{"rendered":"Existing-home sales rebound in September"},"content":{"rendered":"\n<p>Existing-home sales rose 7.0% in September after waning in August, according to a <a href=\"https:\/\/www.nar.realtor\/research-and-statistics\/housing-statistics\/existing-home-sales\" target=\"_blank\" rel=\"noreferrer noopener\">new report<\/a> <strong>National Association of Realtors<\/strong> released Thursday. Despite this increase, sales of existing homes are still down 2.3% from a year ago.<\/p>\n\n\n\n<p>\u201cThe gain in existing home-sales in September reflects contracts signed earlier in the summer,\u201d Mike Fratantoni, MBA SVP and chief economist said in a statement. \u201cMBA\u2019s purchase application data showed an 8% gain in September, which is evidence of growing demand for buying a home and supports further sales increases in the months ahead.\u201d<\/p>\n\n\n\n<p>Year-over-year, inventory of unsold homes decreased 13% in September to 1.27 million. This is equivalent to 2.4 months of supply at the current monthly sale pace, a 7.7% decrease from August 2021.<\/p>\n\n\n\n<p>\u201cSome improvement in supply during prior months helped nudge up sales in September,\u201d Lawrence Yun, NAR\u2019s chief economist, said in a statement. \u201cHousing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.\u201d<\/p>\n\n\n\n<p>With <a href=\"http:\/\/40.%20https:\/www.housingwire.com\/articles\/homebuilders-growing-very-concerned-about-affordability\" target=\"_blank\" rel=\"noreferrer noopener\">builder confidence increasing<\/a> for the second month in a row in October and <a href=\"https:\/\/www.nahb.org\/news-and-economics\/industry-news\/press-releases\/2021\/10\/single-family-starts-flat-in-september\" target=\"_blank\" rel=\"noreferrer noopener\">housing starts<\/a> at least staying steady, inventory is expected to start increasing in the coming months.<\/p>\n\n\n\n<p>\u201cMBA expects new home construction to help support growing inventory levels as we enter 2022, which will lead to a deceleration in home-price growth,\u201d Frantantoni said in a statement.<\/p>\n\n\n\n<p>The median existing-home sales price rose again in September to $352,800, a 13.3% increase from a year prior. This is the 115 straight month of year-over-year median sale price increases.<\/p>\n\n\n\n<p>Of the homes sold in September, 86% were on the market for less than a month, with properties typically remaining on the market for 17 days, which is the same as August, according to the NAR.<\/p>\n\n\n\n<p>The share of first-time homebuyers dropped to 28% in September, down from 29% in August. NAR\u2019s 2020&nbsp;<a href=\"https:\/\/www.nar.realtor\/newsroom\/pandemic-caused-buyers-to-seek-multi-generational-homes-sellers-to-sell-faster\" target=\"_blank\" rel=\"noreferrer noopener\">profile of home buyers and sellers<\/a> found that the annual share of <a href=\"https:\/\/www.realtrends.com\/blog\/fewer-first-time-homebuyers-are-competing-these-days\/\" target=\"_blank\" rel=\"noreferrer noopener\">first-time buyers<\/a> was 31%.<\/p>\n\n\n\n<p>\u201cFirst-time buyers are hit particularly hard by the historically <a href=\"https:\/\/www.realtrends.com\/blog\/home-prices-surge-in-every-segment-of-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">high home prices<\/a> as they largely do not have the savings required to buy a home or equity to offset such a purchase,\u201d Yun said in a statement.<\/p>\n\n\n\n<p>When broken down by type, sales of existing single-family homes were up 7.7% in September as compared to August and down 3.1% from a year prior. Condominium and co-op sales, however, were up only 1.4% from August, but year-over-year, they were up 4.5%.<\/p>\n\n\n\n<p>Regionally, all four of the major U.S. regions saw month-over-month increases in existing-home sales in September, with South seeing the greatest increases at 8.6% and the Midwest showing the smallest increase at 5.1%. Year-over-Year, the South showed no change in number of sales, while the other three regions saw decreases, with the Northeast showing the largest decrease at 8.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Existing-home sales rose 7% in September after falling in August. But year-over-year, inventory of unsold homes decreased 13% last month to 1.27 million.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-2581","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Existing-home sales rebound in September - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Existing-home sales rose 7% in September after falling in August. But year-over-year, inventory of unsold homes decreased 13% last month to 1.27 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2021\/10\/21\/existing-home-sales-rebound-in-september\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Existing-home sales rebound in September\" \/>\n<meta property=\"og:description\" content=\"Existing-home sales rose 7% in September after falling in August. 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