WASHINGTON (dpa-AFX) - Existing home sales in the U.S. unexpectedly increased in the month of September, according to a report released by the National Association of Realtors on Tuesday.
NAR said existing home sales jumped by 1.5 percent to an annual rate of 3.99 million in September after plunging by 3.2 percent to a downwardly revised rate of 3.93 million in August.
Economists had expected existing home sales to dip by 0.5 percent to an annual rate of 3.96 million from the 3.98 million originally reported for the previous month.
'Despite the small monthly gain on a seasonally adjusted basis, August and September marked the two slowest months for home sales this year,' said NAR Chief Economist Lawrence Yun. 'Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home.'
He continued, 'Higher inventory and lengthening days on market give buyers improved negotiating power. Home sellers need to be realistic about local market conditions, which could require price discounts and other incentives to attract buyers.'
The unexpected rebound in existing home sales came amid strength in the South and West, with existing home sales in both regions surging by 2.8 percent.
Meanwhile, the report said existing home sales in the Midwest were unchanged compared to the previous month, while existing home sales in the Northeast tumbled by 2.1 percent.
NAR also said housing inventory at the end of September totaled 1.60 million units, up 1.9 percent from 1.57 million units in August and up 4.6 percent from 1.53 million units a year ago.
The unsold inventory represents 4.8 months of supply at the current sales pace, unchanged from the previous month but up from 4.5 months in September 2025.
The report also said the median existing home price was $417,5000 in September, down 2.4 percent from $427,700 in August but up 1.3 percent from $412,300 a year ago.
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