US Existing Home Sales Rise in September Amid High Mortgage Rates
Existing home sales in the United States rose unexpectedly in September, reaching an annual rate of 3.99 million units, according to data from the National Association of Realtors (NAR). The increase was largely attributed to a downward revision in August's figures and improved inventory levels that had returned to pre-pandemic norms. Despite this rise, sales remained below the 4.0 million unit threshold for two consecutive months due to high mortgage rates near 7.5%, which have dampened demand and affordability. The median home price hit a record $417,500 in September, exacerbating an ongoing housing affordability crisis ahead of November's midterm elections. Analysts noted that the market is being held back by rising borrowing costs driven partly by geopolitical tensions between the U.S., Israel, and Iran since February 2026, which have pushed Treasury yields—and consequently mortgage rates—higher. The Federal Reserve recently raised its benchmark interest rate for the first time in three years to a range of 3.75%-4.00%, signaling further increases ahead. While inventory levels increased slightly and regional sales showed mixed results, overall market activity remains subdued due to weak demand.
Tickers: $FMCC
Topics: Economic indicators Home affordability Housing market Mortgage rates
Read the full article at Yahoo Finance
Part of the story US Existing Home Sales Rise in September Amid High Mortgage Rates (2 articles)