The sales of houses in the USA surged by 1.5% in September compared to August, with an annualized rate of 4.06 million units, seasonally adjusted. It is report by National Association of Realtors.
The NAR Chief Economist, Dr. Lawrence YUN, said, “As anticipated, falling mortgage rates are lifting home sales.” He added, “Improving housing affordability is also contributing to the increase in sales.”
Yun said that the house owners are relaxed and financially comfortable due to rising house prices, leading to a limited number of distressed properties and forced sales. He believes that home prices will continue to rise in the future.
He added, “Inventory is matching a five-year high, though it remains below pre-COVID levels. “Many homeowners are financially comfortable, resulting in very few distressed properties and forced sales. Home prices continue to rise in most parts of the country, further contributing to overall household wealth.”
According to the report, the house sales are up by 4.5% year-over-year period. Inventory continued to grow, rising 14% from last year to reach 1.55 million units available for sale by the end of September. However, this remains relatively low by historical standards.
At the current sales pace, there is a 4.6-month supply of homes on the market, with a six-month supply typically considered balanced between buyers and sellers.
