{"id":23834,"date":"2024-07-15T13:55:39","date_gmt":"2024-07-15T13:55:39","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23834"},"modified":"2024-07-15T13:55:41","modified_gmt":"2024-07-15T13:55:41","slug":"home-sales-jump-as-buyers-aim-to-beat-rising-rates","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/home-sales-jump-as-buyers-aim-to-beat-rising-rates\/","title":{"rendered":"Home Sales Jump as Buyers Aim to Beat Rising Rates"},"content":{"rendered":"\n

Existing-home sales rebounded in September as buyers may have felt a sense of pressure as mortgage rates started to inch up. Existing-home sales rose by 7% in September compared to August. All major regions of the country posted increases last month, the National Association of REALTORS\u00ae reported Thursday.<\/p>\n\n\n\n

\u201cSome improvement in supply during prior months helped nudge up sales in September,\u201d says Lawrence Yun, NAR\u2019s chief economist. \u201cHousing demand remains strong as buyers likely want to secure a home before mortgage rates increase even further next year.\u201d The 30-year fixed-rate mortgage averaged 2.90% in September, but rates are rising<\/a>.<\/p>\n\n\n\n

Despite last month\u2019s uptick, total existing-home sales\u2014completed transactions that include single-family homes, townhomes, condos, and co-ops\u2014were down by 2.3% in September compared to a year ago.<\/p>\n\n\n\n

Home prices continue to rise as inventories remain constrained. Housing inventory is down 13% compared to a year ago. Unsold inventory is at a 2.4-month supply at the current sales pace, NAR reports.<\/p>\n\n\n\n

But a turnaround could be coming. \u201cAs mortgage forbearance programs end, and as home builders ramp up production\u2014despite the supply-chain material issues\u2014we are likely to see more homes on the market as soon as 2022,\u201d Yun says.<\/p>\n\n\n\n

Here\u2019s a closer look at NAR\u2019s latest existing-home sales report:<\/p>\n\n\n\n

Home prices: <\/strong>The median existing-home price for all housing types in September was $352,800, up 13.3% compared to a year ago. Prices rose in every region last month.<\/p>\n\n\n\n

Days on the market:<\/strong> Eighty-six percent of homes sold in September were on the market for less than a month. Properties typically remained on the market for 17 days last month, down from 21 days a year ago.<\/p>\n\n\n\n

First-time buyers: <\/strong>First-time buyers comprised 28% of sales in September, down from 31% in September 2020. \u201cFirst-time buyers are hit particularly hard by the historically high home prices as they largely do not have the savings required to buy a home or equity to offset such a purchase,\u201d Yun says.<\/p>\n\n\n\n

All-cash sales: <\/strong>All-cash transactions made up 23% of transactions in September, up from 18% in September 2020. Individual investors or second-home buyers, who account for the bulk of cash sales, purchased 13% of homes in September, up from 12% in September 2020.<\/p>\n\n\n\n

Distressed sales:<\/strong> Foreclosures and short sales represented less than 1% of sales in September, matching a year ago. Read more: NAR: No Need to Panic Over Foreclosure Spike<\/a><\/p>\n\n\n\n

Regional Breakdown<\/strong><\/p>\n\n\n\n

Here\u2019s how existing-home sales fared across the country in September:<\/p>\n\n\n\n